Senator Blumenthal Slams Crypto as 'Currency of Choice for Crooks'

Senator Richard Blumenthal has renewed his criticism of the cryptocurrency industry, stating that 'crypto is the currency of choice for crooks.' He made this comment on X following a Senate forum featuring Lori Flowers, a pharmaceutical account executive who testified about losing her savings in a romance scam.

Flowers said that the fraudsters used crypto to move funds quickly and irreversibly. Blumenthal convened a Capitol Hill forum earlier this week where he argued that cryptocurrency scams and fraud are expanding because digital assets make laundering stolen funds easier.

He also warned that the Senate's CLARITY Act would weaken enforcement by limiting the role of state attorneys general. The senator is one of several Democrats opposing the bill, which is meant to create a clear regulatory framework for digital assets. He has criticized it for inadequate ethics safeguards.