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'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
Forbes Breaking News
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7/17/2025
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.
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00:00
Mr. Speaker, the only thing you need to know about the Clarity Act is that it is designed to destroy U.S. capital markets.
00:07
U.S. capital markets are the envy of the world because investors like putting their money in them.
00:11
They are the envy of the world because we provide robust investor protections when people put their money in them,
00:16
in part through the Security and Exchange Commission.
00:19
And yet the Clarity Act would allow companies to raise up to $200 million without any disclosure,
00:24
without any transparency, just by tokenizing their security.
00:28
But let's be clear, putting a security on the blockchain doesn't make investors safe.
00:33
It might make money for the crypto industry.
00:34
I know you all like that.
00:35
It might make it possible for the companies to temporarily raise more money from dumb investors because they don't get that protection.
00:42
But if we stop protecting investors, why would investors put their money in the stock market?
00:46
They will abandon the U.S. to go to places with a better risk reward.
00:50
I understand we've got a lot of fraud and grift in the White House.
00:53
I understand you are a big fan of fraud and grift in the White House.
00:56
But we don't need any more.
00:59
Let's protect Americans' hard-earned savings.
01:01
Let's protect markets and not just make crypto bros richer.
01:04
I urge a resounding hell no.
01:06
And I yield back.
01:07
Gentlemen, time has expired.
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