Baldwin Releases Statement on Opposing the Clarity Act

WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) released the following after voting against the Digital Asset Market Clarity Act, which fails to address President Trump and other politicians’ abuse of cryptocurrencies to enrich themselves and does not adequately safeguard tribal sovereignty from prediction markets.

“Crypto is part of our economy, and I’m committed to making sure it works for Wisconsinites. There can be upsides, but we need to do more to protect folks from crypto scams, stop the self-dealing from politicians, and crack down on its use for drugs, human trafficking, and terrorism. Unfortunately, the Clarity Act fundamentally fails to do that. This bill turns a blind eye to the President and his family blatantly abusing their position of power to make more than a billion dollars – yes, billion with a ‘b’ – from his crypto scheme. The President of the United States of America and his family are taking hundreds of millions of dollars from foreign entities into his crypto ventures, and then doling out favors to foreign nationals – and this bill does absolutely nothing about it,” said Senator Baldwin. “The American people expect their elected officials to serve the public, not their pocketbooks, but Republicans once again are refusing to stop President Trump from using his office to get rich quick. The Clarity Act also doesn’t adequately respect tribal sovereignty, allowing prediction market platforms to sidestep state and tribal gaming regulations. The crypto industry needs to be regulated, but this bill fell short on keeping Wisconsinites’ safe from scams, stopping corruption, and protecting the rights of Wisconsin tribes.”

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