Scott Votes Against Crypto Legislation

WASHINGTON, D.C. – Congressman Bobby Scott (VA-03) issued the following statement after voting against H.R. 3633, the Digital Asset Market Clarity Act of 2025, S. 1582, the GENIUS Act, and H.R. 1919, the Anti-CBDC Surveillance State Act:

“Cryptocurrency must be meaningfully regulated to protect consumers and prevent systemic risks to the financial system. Any legislation governing digital assets should also require crypto operators to have a fiduciary responsibility to consumers. 

“These bills fall short. They lack the reporting requirements and regulatory oversight necessary to protect consumers, and they create an unnecessary risk of taxpayer-funded bailouts. The regulations will create a veneer of legitimacy when the assets may have little underlying value. The regulations also fail to prevent the use of digital assets in money laundering or other illicit activities.

“It is noteworthy that these bills prohibit members of congress and senior executive branch officials from creating a stablecoin, yet curiously provide no limits on the president or vice president. If a regulatory framework is going to be established, consumers should be able to make investments in cryptocurrency and have confidence that they are not being ripped off.”
 

# # #