Blumenthal Labels Cryptos 'Currency of Choice for Crooks'

US Democratic Senator Richard Blumenthal has criticized cryptocurrencies, calling them 'the currency of choice for crooks'.

In a recent post on X (formerly Twitter), Blumenthal cited testimony from Lori Flowers, a romance-scam victim who lost millions to criminals using cryptocurrencies.

Flowers testified that the scammers used digital assets to make the funds unrecoverable, expanding crypto fraud and financial fraud.

The dispute has shifted to the CLARITY Act, a bill backed by Republicans aiming to clarify the regulatory framework for digital assets.

However, Blumenthal warned that it could weaken enforcement by limiting the role of state attorneys general.