Senator Sanders Holds Expert Round Table On Proposed Crypto Legislation Which Endangers Our Financial System
Sanders to Hold Expert Roundtable on Corrupt Crypto Bill
Editor’s note: Senator Gillibrand recently discussed the importance of a stablecoin regulatory framework, which would protect consumers by requiring that cryptocurrency platforms comply with rules and regulations. Such regulations do not currently exist for cryptocurrency, and some proponents of the blockchain technology have resisted such rules. However, companies that want to have account holders in New York must already comply with banking rules and other rules that are specific to this state. Notably, Coinbase and RobinHood are both legally authorized to allow New York residents to open accounts. While a resident can open an account on other platforms, they sometimes won’t allow it if a New York address is entered.
Below is the livestreamed meeting event:
The GENIUS Act would undermine consumer protections, benefit criminal actors, and allow the Trump family to make tens of millions of dollars through crypto ventures. Join me LIVE as I discuss this dangerous bill, which poses serious risks to our economy. https://t.co/g4Ih4C2HWp
— Bernie Sanders (@SenSanders) May 7, 2025
WASHINGTON – As the Senate considers legislation that would enrich Trump and his billionaire backers and endanger our financial system, Sen. Bernie Sanders (I-Vt.) today announced that he will host a conversation with cryptocurrency experts on Wednesday regarding the GENIUS Act. The discussion will be livestreamed on the senator’s Facebook, X, and YouTube, and through Act.tv.
The GENIUS Act threatens the stability of our financial system by undermining critical anti-money laundering, consumer protection and anti-corruption rules, which would have the impact of benefiting criminal actors across the world. The legislation also makes it easier for President Trump and his family to continue to engage in corrupt dealmaking enabled through their cryptocurrency, to the great benefit of themselves and their tech oligarch backers. In just the last month, two separate New York Times front-page reports exposed the Trump family’s cryptocurrency corruption.
“Under the Trump administration, we have seen a coordinated effort to boost the cryptocurrency industry to directly benefit President Trump and his oligarch allies,” said Sanders. “In one case, President Trump is hosting a dinner with people who paid, in some cases millions, to purchase his meme coin. In another, the president stands to make tens of millions of dollars in profits directly from an Abu Dhabi-connected fund’s $2 billion investment in his crypto venture. If that’s not a troubling form of corruption, I don’t know what is.”
“In the face of this corruption, you might hope that Congress would step in to clamp down on corruption. Instead, Congress is moving quickly to pass the GENIUS Act, which may make a bad situation much worse,” continued Sanders. “I look forward to hearing from experts who can help more Americans understand this bill’s serious risks to our economy.”
Details:
What: Livestream conversation with Sen. Bernie Sanders and crypto experts
When: Wednesday, May 7, 4:30 p.m. ET
Where: The conversation will be livestreamed on Sanders’ social media.
In attendance:
Sen. Bernie Sanders (I-Vt.)
Sacha Haworth, Executive Director of The Tech Oversight Project
Corey Frayer, Director of Investor Protection at the Consumer Federation of America
Banner Image: Crypto coins. Image Credit – Traxer
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