Demand Progress

Hold your U.S. Representative accountable for voting for Wall Street and crypto-friendly legislation!

Sign the petition:

    Not ? Click here.

    Hold your U.S. Representative accountable for voting for Wall Street and crypto-friendly legislation!

    Petition to your U.S. Representative:
    I’m writing today to share how disappointed I am by your vote in support of the cryptocurrency giveaway bill known as FIT21.

    It’s obvious that this bill was written BY and FOR the crypto industry, and that in addition to legitimizing that industry’s speculative and risky practices, it also creates huge new loopholes that non-crypto predatory actors on Wall Street will use to evade oversight - threatening even those investors who would not touch crypto with a ten-foot pole.

    I’ll also remind you that a very similar debate raged around the derivatives industry in the 1990s, and Congress also adopted a hands-off approach to this “financial innovation” - leading straight to the huge financial collapse of 2008.

    I understand that the crypto industry is pumping massive amounts of campaign cash into this cycle’s elections, but your constituents know that lawmakers who vote to further enrich wealthy tech donors aren't representing the best interests of ordinary people.

    I hope you'll reconsider your support for similar problematic bills in the future.

    Last month, the U.S. House passed a huge giveaway to Wall Street, financial firms, and the cryptocurrency industry.1 And your U.S. Representative voted for it.

    This bill (called “FIT21”) was written by lobbyists from the crypto industry and Wall Street. It would dramatically weaken regulations for ALL consumers and investors, not just people investing in crypto. This is a dangerous bill for anyone with a bank account, retirement account, or other investments. It’s shameful that lawmakers chose Wall Street and crypto industry profits over constituents.

    Hold your lawmaker accountable: Tell them that you’re unhappy with their vote for Wall Street and the crypto industry.

    This bill doesn’t create any meaningful measures to protect investors or hold crypto firms accountable. Instead, it legitimizes risky and predatory crypto business models, increases the risks of fraud in this already-troubled industry, and creates loopholes that Wall Street firms can use to evade oversight.

    Instead of this terrible, industry-written legislation, Congress should be supporting regulators’ efforts to crack down on crypto actors, assets, and activities. Our lawmakers must ensure the stability of securities, banking, and consumer finance regulation that we all depend upon for protections in the financial marketplace.

    Your U.S. Representative had the opportunity to vote with the people, but instead chose legislation that Wall Street and crypto lobbyists wanted passed. We have to let them know we’re disappointed.

    Add your name: Let your lawmaker know you’re disappointed that they put Wall Street ahead of the people.


    1. Axios, “House passes major crypto legislation,” May 22, 2024.