US CLARITY bill could allow Tesla and Meta to evade SEC rules — Senator Warren

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Well now, grab your seat and hold on tight, because Senator Elizabeth Warren from Massachusetts is making some noise about how the new US CLARITY bill could let big companies like Meta and Tesla pull a fast one. She’s concerned they’ll just waltz around SEC regulations by tokenizing their assets on the blockchain, and voilà – no SEC rules to worry about. I mean, who wouldn’t love a little “poof!” magic trick to avoid government oversight? 🪄

In a riveting Senate Banking Committee hearing this Wednesday, Warren raised a red flag, pointing out that non-crypto companies might hop on the blockchain bandwagon just to escape those pesky SEC regulations. Can you imagine Tesla or Meta deciding one morning that they’ll just “put its stock on the blockchain” and, poof, avoid all the SEC’s watchful eyes? The senator wasn’t amused, calling it a serious issue for the country. Sounds like a great trick if you’re into crypto sleight of hand! 😏

But Warren’s worries didn’t stop there. She also tossed in a little side-eye at Meta and their potential sway over lawmakers, especially when it comes to the GENIUS Act. You know, the one where Meta’s big plans for their very own stablecoin could shake things up. Oh, and don’t forget the upcoming bills in the House about regulating central bank digital currencies (CBDC) starting Monday. Looks like a real soap opera in Congress. 📺

Crypto Conflicts of Interest – The Never-Ending Drama in Congress

The hearing, which was one of the first times Senators discussed crypto market legislation, saw a flurry of opinions. Ripple CEO Brad Garlinghouse, some former Commodity Futures Trading Commission (CFTC) folks, and others shared their thoughts. Garlinghouse, ever the optimist, highlighted that 55 million Americans are already in the crypto game, contributing to a $3.4 trillion market cap. He says it’s high time for a smart regulatory framework to keep the crypto ship afloat, and honestly, who could argue with that? 🤑

Richard Painter, the former White House ethics lawyer, added his voice to the chorus. He took a moment to remind everyone that lawmakers should probably steer clear of crypto if they’re going to be the ones regulating it. A little ethical distance from the crypto world, perhaps? Imagine that. He suggested divesting from crypto if you’re in charge of making the rules. Sounds like common sense, doesn’t it? 🤔

“We cannot have the people who are in charge of passing legislation and enforcing legislation, implementing legislation, have conflicts of interest with their official responsibilities. You should be divesting from crypto if you’re going to be regulating crypto.”

And just when you think it couldn’t get juicier, Warren and Painter threw some serious shade at former President Donald Trump. They called out his ties to the crypto industry, from his family-backed business World Liberty Financial to launching his own memecoin, Official Trump (TRUMP). Apparently, Trump added a cool $620 million to his portfolio from crypto investments in just a few months. Who needs a stable job when you can do that? 💰

Warren didn’t hold back, accusing Republicans of catering to crypto lobbyists with an “industry handout,” and, of course, not addressing Trump’s “corruption” in the industry. Who needs a drama series when you’ve got real-life political theater like this? 🍿

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2025-07-09 20:21