'I Understand You Are A 'I Understand You Are A Big Fan Of Fraud And Grift In The White House': Casten Slams GOP Crypto BillBig Fan Of Fraud And Grift In The White House'_ Casten Slams GOP Crypto Bill

During debate on the House floor, Rep. Sean Casten (D-IL) sounded off on House Republicans over HR 3633, the Digital Asset Market Clarity Act.

Transcript

00:00Mr. Speaker, the only thing you need to know about the Clarity Act is that it is designed to destroy U.S. capital markets.

00:07U.S. capital markets are the envy of the world because investors like putting their money in them.

00:11They are the envy of the world because we provide robust investor protections when people put their money in them,

00:16in part through the Security and Exchange Commission.

00:19And yet the Clarity Act would allow companies to raise up to $200 million without any disclosure,

00:24without any transparency, just by tokenizing their security.

00:28But let's be clear, putting a security on the blockchain doesn't make investors safe.

00:33It might make money for the crypto industry.

00:34I know you all like that.

00:35It might make it possible for the companies to temporarily raise more money from dumb investors because they don't get that protection.

00:42But if we stop protecting investors, why would investors put their money in the stock market?

00:46They will abandon the U.S. to go to places with a better risk reward.

00:50I understand we've got a lot of fraud and grift in the White House.

00:53I understand you are a big fan of fraud and grift in the White House.

00:56But we don't need any more.

00:59Let's protect Americans' hard-earned savings.

01:01Let's protect markets and not just make crypto bros richer.

01:04I urge a resounding hell no.

01:06And I yield back.

01:07Gentlemen, time has expired.