Johno Cain

Today, I voted no on the Clarity Act, legislation meant to regulate cryptocurrency in America. The ethics provisions in this bill are simply too thin. President Trump, his children, and his Cabinet are making billions of dollars in the crypto space, in part from bilking everyday Americans out of their hard-earned money. I cannot in good conscience vote for any legislation that codifies that behavior from public officials. Not for President Trump or Secretary Lutnick today, nor for any Democrat who may take advantage of it in the future. On the national security front, there is more to be done to make sure we have the tools in place to stop money laundering and shut down funding avenues for terrorists and nations like North Korea and Iran. This was essential after 9/11 and remains essential to keep Americans safe. And as of now, our agencies, including the CFTC, lack the necessary oversight and staffing to implement this legislation, and that should be addressed. There are strong, bipartisan provisions in this bill that could serve as the foundation for a new attempt at providing the crypto industry with the guardrails it needs. I believe that the U.S. should lead the world in cryptocurrency innovation, but we need to get it right. I remain open-minded to that work ahead.