John,
As the cryptocurrency industry sinks its teeth deeper into Wall Street, it’s threatening to destabilize the whole financial system.
Trump initially was critical of crypto, but once the industry started funneling tens of millions into his 2024 campaign, he changed his tune. When you come right down to it, crypto is his dream investment opportunity: massive amounts of cash, endless chances for exploitation, and total chaos to obscure the inevitable grift.
Now, crypto lobbyists are riding this momentum to push their biggest gamble yet: going after the $6 trillion in public pension funds.
That’s right. The money meant to provide stability for retirees -- teachers, firefighters, public workers -- is being targeted for investment in a market famous for sky-high volatility and meme-fueled crashes. What could possibly go wrong?
Public retirement funds demand stability and long-term security -- the exact opposite of cryptocurrency’s wild volatility. Send a message to your governor: Veto any law that invests public pension funds in crypto!
It turns out, CoinDesk reports that 16 states are already considering bills that would funnel public money into crypto. According to Cryptonews, Wisconsin’s pension fund has already dropped $162 million into Bitcoin. And a crypto advocacy group, Satoshi Action, has drafted a “model bill” they’re shopping around to at least 10 more states.
If states start dumping pension funds into crypto, retirement savings could become the next speculative bubble. This means putting people’s real financial security at risk -- all in the interest of pumping more money into the “DeFi” (decentralized finance) crowd.
Governors must protect retiring public service workers from this potentially disastrous scenario. Tell your governor to veto any legislation that gambles public pension funds on crypto.
Thank you for acting now -- before our public retirement savings become fodder for the next crypto crash.
- Amanda
Amanda Ford, Director
Democracy for America
Advocacy Fund
