Dem Lawmaker Sounds Alarm On 'First Family's Involvement With Digital Assets' In Crypto Bill Debate

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During debate on the House floor, Rep. Angie Craig (D-MN) spoke in support of HR 3633, the Digital Asset Market Clarity Act, and raised concerns about President Trump's family involvement in digital assets.

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00:00As today on behalf of nearly 44 million American consumers who have invested in

00:06traded or used digital assets that's one in five Americans the public interest in

00:14these markets is already here and it's not going away under the status quo there

00:21is a gap in regulation for the digital commodity asset market our work here

00:26today could begin to provide the protections that american investors are accustomed to in

00:32traditional financial markets regulated by the cftc regardless of whether congress acts these

00:38markets will continue to grow the only question is whether we will begin the hard work of developing

00:45regulation or refuse to begin the clarity act would put consumer protections in place for the first

00:52time for this industry consumers will finally be protected by the same sort of guardrails that

00:59protect investors in other sectors of the economy segregation of customer deposits consumer disclosures

01:07mandatory record keeping and examination by regulators we do not want another ftx the 2022 collapse of the

01:17world's third largest cryptocurrency exchange wiped out an estimated eight to ten billion dollars in

01:24value leaving american consumers holding the bag the clarity act would have largely mitigated or avoided

01:31this crisis entirely former biden administration cftc chairman russ benham yesterday testified before the

01:41the senate agriculture committee quote what he said inaction will only result in greater risk to our

01:48financial markets and investors through lack of market transparency fraud market manipulation corruption

01:55and conflicts of interest lack of action now let me address the elephant in the room the first family's

02:03involvement with digital assets and personally profiting from them it's rightfully raised questions of

02:09impropriety and alarmed government ethics watched watchdogs the first family's personal financial

02:15involvement in other sectors such as telecoms should ring alarm bells as well loud and clear as it comes

02:22to ethics in our country there is a time and place for holding the powerful accountable and that must happen

02:31we should address executive branch corruption independently and it should apply to all sectors today we must focus on

02:39regulation and protections for consumers because today one in five americans and growing

02:45lack those protections lack any guardrails it's our job to start putting them in place is this bill perfect no

02:54can it be improved upon absolutely and i encourage my senate colleagues to keep working those outstanding

03:00issues this bill deserves our support and i urge my colleagues to vote yes thank you and i reserve the

03:07the balance of my time general woman reserve

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