Crypto Watchdog targets US$2T industry
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- Crypto Watchdog is running Washington ads linking digital assets with terrorists, drug cartels and other illicit activity.
- The group launched during final CLARITY Act negotiations but has declined to identify who funds its campaign.
- Executive director Chapin Fay said the group wants more transparency around the crypto industry and its risks.
Crypto Watchdog launched a Washington advertising campaign targeting an industry it describes as worth more than US$2 trillion.
The campaign appeared as senators entered the final stages of negotiations over the CLARITY Act before their summer recess.
“Our mission is fairly simple and direct,” said Crypto Watchdog Executive Director Chapin Fay.
Crypto Watchdog commissioned a June survey where 65% of 1,000 voters reported a high level of distrust towards crypto.
Fay declined to identify the organisation's financial backers when CoinDesk questioned him about funding for its activities.
Democrats have demanded stronger ethics limits on senior government officials' crypto activities before supporting the CLARITY Act.
The banking lobby also opposes stablecoin rewards, arguing they could pull deposits away from traditional US banks.