WASHINGTON, D.C. — Today, over 30 bipartisan organizations and ethics experts are calling on Congress to include clear and significant ethical and anti-corruption protections in any cryptocurrency legislation.

The signers contend that President Trump’s personal and political ties to the crypto industry create massive conflicts of interest and the possibility of enormous corruption. They demand that Congress:

• Ban ownership or trading of cryptocurrency by top federal officials;

• Require public disclosure of any cryptocurrency holdings or transactions by senior officials; and

• Set up a strong crypto anti-corruption system with clear penalties for breaking the law, independent investigations of officials’ finances, protections for whistleblowers, and a ban on political donations in cryptocurrency.

The letter reads:

“The country is at an inflection point. Cryptocurrency is a three trillion dollar global industry in desperate need of regulation. However, Congress is now racing towards creating a legal regime that will open the doors to immense public corruption by putting the power to design the industry’s legal and regulatory regime in the hands of a President with extensive interests in the market. For the resilience of the cryptocurrency markets, the country’s national security, and the

health of our democracy, Congress must not let that happen.”

The letter goes on to say:

“It is crucial that Congress creates a serious and comprehensive legal regime to bring the opaque market for digital assets into the light. A strong and clear market structure, regulated and enforced by neutral arbiters, with protections for retail investors, will ensure that American consumers can access this increasingly important market with confidence.”

The full list of organizations signing today’s letter is below.

Organizations urging Congress to include clear and significant ethical and anti-corruption safeguards in any cryptocurrency legislation include:

Democracy Defenders Action

Public Citizen

The Academy of Financial Education

Accountable.US/Accountable.NOW

Americans for Financial Reform

BigMoneyOutVA

Center for Digital Democracy

Center for Economic Integrity

Citizen Works

Clean Elections Texas

Court Accountability Action

Citizens for Responsibility and Ethics in Washington (CREW)

End Citizens United

Faiths for Safe Water

Free Speech For People

Government Information Watch

Indivisible

Indivisible Santa Fe

Michiganders for Fair and Transparent Elections

National Community Reinvestment Coalition (NCRC)

National Consumer Law Center, on behalf of its low-income clients

National Consumers League

New Jersey Appleseed Public Interest Law Center

MOVI, Money Out Voters In

Oregonizers

Our Revolution

Project On Government Oversight

RepresentUs

James A. Thurber, Distinguished University Professor Emeritus at American University

Norman Ornstein, Emeritus Scholar at the American Enterprise Institute (AEI)

Richard Painter, law professor and former Chief Ethics Officer in the Bush Administration
(2005-2007)

Democracy Defenders Action brings together a nonpartisan team to work with national, state, and local allies across the country committed to upholding the rule of law, fighting against autocracy and defending the Constitution.