Statement from Representative John W. Mannion on the Passage of the CLARITY and the GENIUS Acts

SYRACUSE, N.Y. - Representative John W. Mannion (NY-22) today released the following statement on the passage of cryptocurrency legislation:  

"I voted for the CLARITY Act and the GENIUS Act because Americans need a functional market structure for digital assets. Cryptocurrency is one of the most underregulated areas of our financial system—and that puts millions of Americans at serious risk. 

These bipartisan bills aren’t perfect—I supported amendments in committee to strengthen consumer protections —but I agree with the experts who testified before Congress: doing nothing is not an option. The status quo leaves consumers exposed, with no one looking out for their interests. 

These bills begin to establish clear rules of the road. Market participants will be required to meet standards for customer disclosures, segregation of customer funds, record keeping, and market integrity. 

Together, the CLARITY and GENIUS Acts represent a first step toward responsible regulation of digital assets—and I will continue to work with my colleagues on additional measures to strengthen transparency, crack down on corruption, and ensure strong federal oversight of digital assets.” 

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