Blumenthal Slams Cryptocurrency as 'Currency of Choice for Crooks'
US Senator Richard Blumenthal has reignited his criticism of the cryptocurrency industry, calling it the 'currency of choice for crooks'. He made the remarks on social media platform X after a Senate forum where Lori Flowers, a pharmaceutical account executive, shared her story of losing much of her savings in a 2022 romance scam.
The scammers involved used cryptocurrencies to move funds quickly and irreversibly, according to Flowers. Blumenthal has long argued that cryptocurrency scams and fraud are expanding because digital assets make laundering stolen funds easier.
He is part of a group of Senate Democrats opposing the Republican-backed CLARITY Act, which aims to create a clear regulatory framework for digital assets. Blumenthal has criticized the bill for inadequate ethics safeguards, echoing concerns raised by fellow Democrats Elizabeth Warren and Chris Van Hollen.