Contact Sen. Alsobrooks to fight corruption
Charlie Cooper
Contact Sen. Alsobrooks re: her collaboration with Republicans on a crypto bill
Freshman Maryland Senator Angela Alsobrooks is joining Schiff (D-CA), Warner (D-VA), Gillebrand (D-NY) and 12 other Democrats to support a Republican bill – the GENIUS Act – purporting to regulate stable coins. In the context of crypto bros spending $245 million on the 2024 election, she should be wary of the bill they are pushing. Please use the information below to send her a message that she should reconsider her support.
Suggested message:
Dear Senator Alsobrooks, The GENIUS Act does not adequately regulate stable coins, which are subject to fraud and abuse. Issuers of stable coins should be regulated as tightly as banks. Please do not vote for the bill as written.
Stable coins are cryptocurrencies issued by payment processors such as PayPal and others (including Trump’s World Liberty Financial) and are supposedly backed up by secure collateral so that they retain a stable value. Absent adequate regulatory oversight, the promise of security is a golden opportunity for financial vultures to cheat. There are many reasons that such instruments need either to be banned or to be very tightly regulated, and the bill supported by our Sen. Alsobrooks does neither.
High potential for defrauding unwary consumers/investors.
“Financial innovations,” in this case private companies issuing worthless “currencies” are subject to causing major crashes and economic disruption. We bailed out Wall Street and AIG; we definitely don't want to be bailing out Silicon Valley firms that undertake risks without sufficient regulation.
Big payment processors like PayPal (founded by J.D. Vance’s mentor arch-libertarian, apartheid-loving Peter Thiel) want to augment their databases and control you, the consumer. If this ploy succeeds, billions or even trillions would be diverted from the regulated banking system into the new lightly-regulated stable coin system.
People use stable coins for anonymous crypto trading, money-laundering, and other nefarious activities.
Crypto needs very strict regulation by agencies (such as the Securities and Exchange Commission and the Commodity Futures Trading Commission) that are protected from political interference, but Trump is savagely undermining agency independence. Both the SEC and the CFTC are run by crypto bros appointed by Trump.
Companies that issue stablecoins should have to obey all existing bank regulations (e.g., periodic examinations and much more).
More information here.
Alsobrooks says that she opposes Trump’s crypto corruption and that’s why she co-sponsored a Democrat bill, but that is a symbolic action with no chance of enactment. She says that the GENIUS Act will provide a needed regulatory framework.
Elizabeth Warren’s take:
“Senator Elizabeth Warren disagreed, saying on the floor, ‘What has changed in the bill since the last vote? The answer? Not much. Its basic flaws remain unaddressed. While a strong stablecoin bill is the best possible outcome, this weak bill is worse than no bill at all.’”
Complete list of Democratic senators supporting the GENIUS Act:
Sens. Kirsten Gillibrand of New York, Angela Alsobrooks of Maryland, Ruben Gallego of Arizona, Mark Warner of Virginia, Lisa Blunt Rochester of Delaware, Catherine Cortez Masto of Nevada, Ben Ray Luján of New Mexico, Adam Schiff of California, Cory Booker of New Jersey, Elissa Slotkin of Michigan, John Fetterman of Pennsylvania, Maggie Hassan of New Hampshire, Martin Heinrich of New Mexico, Jon Ossoff of Georgia, Alex Padilla of California, and Jacky Rosen of Nevada.
barrie friedland
barrie friedland
Stablecoin issuers like Tether back their tokens with US Treasury securities. These coin issuers could become some of the largest buyers of US government debt, providing a new and significant source of demand that could help stabilize and/or lower Treasury yields and support government financing which seems to be a real issue at the moment…By making dollar-backed stablecoins widely available and easy to use globally, the US dollar’s role as the world’s reserve currency is reinforced (as we have seen other like BRICS appear). Stablecoins allow people worldwide to access and use digital dollars (backed by treasuries), extending US financial influence.Stablecoins enable faster, cheaper, and more accessible cross-border payments compared to traditional banking systems, So traditional banks are pushing back but some are jumping in.. However, it will surely reduce fees and make them less money..It is absolutely critical to set clear regulations though. By doing so, the US can maintain oversight and control over dollar flows, treasury backing, and enhancing its ability to enforce sanctions and protect national interests. The type of regulation would be somewhat easier because all coins are inherently traceable by design. Coins would be issued in conjunction with associated US treasuries under supervision of enhanced regs.That is my take.. (with some help from chat GPT)J SteinmetzJayste...@Gmail.comSent from my J-PhoneOn Jun 6, 2025, at 2:33 AM, Tanya Davis <tan...@his.com> wrote:I emailed as well. I have no idea what these Dems are thinking. Thanks for the heads up.TanyaFrom: "- Lennart Elmlund" <lennar...@gmail.com>
To: "Marijane Monck" <mjm...@gmail.com>
Cc: "barrie friedland" <barrie.f...@gmail.com>, "Charlie Cooper" <charlie...@gmail.com>, "Betsy Krieger" <betsyk...@gmail.com>, "Jennifer Downs" <jenn...@jenniferdowns.com>, "d. susan radke" <dsus...@gmail.com>, "Max Obuszewski" <mobusze...@comcast.net>, "Larry Stafford" <la...@progressivemaryland.org>, "Danny Golombek" <dannyg...@gmail.com>, "Rose Deane Kinder" <rosek...@gmail.com>, "Victoria Vestrich" <v.ves...@gmail.com>, "Thomas K. Smith" <tomk...@comcast.net>, "Jean Athey" <jla...@comcast.net>, "Emily Bruce" <ejbr...@gmail.com>, "carl snowden" <snowde...@gmail.com>, "Jacob Kravetz" <jacobk...@gmail.com>, "Michelle Koul" <ma...@yahoo.com>, "Nancy Lawler" <nancy.k...@gmail.com>, "CHARLES SHAFER" <charles...@gmail.com>, gmom-vo...@googlegroups.com, "Arlene Ogurick" <aoguri...@yahoo.com>, "Joanne Antoine" <JAnt...@commoncause.org>, "Shayne Dizard" <shayne...@gmail.com>, "Barbara Noveau" <bno...@gmail.com>, "Barbara Noveau" <bar...@dtmg.org>, "Cecilia Plante" <cecili...@verizon.net>, "Daphne" <dmcclell...@socialworkers.org>, car...@ourrevolution.com, "Sheila Ruth" <imagina...@gmail.com>, "Argentine Craig" <asc...@comcast.net>, "Ben Tabatabai" <benns...@gmail.com>, "Nabalungi (Naba) Akinshegin" <pretty...@gmail.com>, "Christine Lemyze" <cle...@hotmail.com>, "Mark Weaver" <pmzw...@gmail.com>, "Indivisible Montgomery" <indivisibl...@gmail.com>, "Marvin Doc Cheatham" <civil...@verizon.net>, "Anaya Smith" <anaya...@aol.com>, "Michael Puskar" <mike...@yahoo.com>, "Joan Bellet Roache" <beac...@me.com>, "indivisibleworcestermd.org" <ad...@indivisibleworcestermd.org>, "stephanie g" <steff...@gmail.com>, "EDEN DURBIN" <edend...@verizon.net>, "Susan Zengerle" <wash...@aol.com>, "aileen alex" <ailee...@gmail.com>, "MD Legislative Coalition" <mdlegislati...@gmail.com>, "Toby Perkins" <naw...@gmail.com>, "Richard and Joann MOORE" <ram...@comcast.net>, "Allies for Democracy" <alliesfor...@gmail.com>, rrei...@gmail.com, "Carol Goldstein" <carolgol...@outlook.com>, "Judy Bass" <jba...@jhu.edu>, "Anne George" <annege...@gmail.com>, "Joan Jacobson" <joanhj...@hotmail.com>, "Sarah Bur" <sara...@gmail.com>, "Gary Gillespie" <garygil...@gmail.com>, "Emily Scarr" <em...@marylandpirg.org>, "Judith Schagrin" <janea...@gmail.com>, "R Coleman" <ryanmc...@hotmail.com>, "Debra Felser" <debrabro...@gmail.com>, "Kobi Little" <rev.kob...@gmail.com>, vhar...@commoncause.org, "brian gamble" <bcg...@msn.com>, "Sharon Glass" <sharr...@fastmail.us>, "ped psych" <ped....@gmail.com>, "Michael Rosenblum" <michael.a...@gmail.com>, "Lillian Lillian Freudenberger" <lrose...@gmail.com>, "Jay Steinmetz" <jayste...@gmail.com>, "Paulette Hammond" <pham...@earthlink.net>, "Tony Langbehn" <Tonylan...@gmail.com>, "Liz Enagonio" <lena...@icloud.com>, "meena sahu" <ems...@gmail.com>, "Julia Ridgely" <julia....@gmail.com>, "Carol Wynne" <cfw...@gmail.com>, Lsfran...@gmail.com, "Janet Millenson" <ja...@twocrows.com>, "Nikki Tyree" <nty...@lwvmd.org>, con...@lwvbaltimorecounty.org, "Mary Jo Kirschman" <mkirs...@gmail.com>, "Sue Fothergill" <fotherg...@gmail.com>, "tanyad" <tan...@his.com>, "Jenifer Almond" <jen....@yahoo.com>, "Sara Eisenberg" <alifeof...@gmail.com>, "Lynne Durbin" <lynne...@gmail.com>, "Mike Tidwell" <mtid...@chesapeakeclimate.org>, "Quentin Scott" <que...@chesapeakeclimate.org>, "Linnell Fall" <linnel...@gmail.com>, "Jo Saint-George" <saintge...@gmail.com>
Sent: Thursday, June 5, 2025 9:52:03 PM
Subject: Re: Contact Sen. Alsobrooks to fight corruptionI just email Alsobrooks and requested she does not support this bill. It is my understanding that people who use crypto currency do it to avoid paying taxes. So why would we need regulations of such method of hiding income and wealth? I look at crypto currency as a replacement of the secret Swiss bank accounts.Peace.Lennart ElmlundRetiredOn Thu, Jun 5, 2025 at 2:00 PM Marijane Monck <mjm...@gmail.com> wrote:I agree, Barrie. We'll have to make sure she doesn't get reelected.Thanks for this, Charlie. I have emailed and called twice on this.
Charlie Cooper
Charlie Cooper
UPDATE, June 6, 2025: I spoke with Sen. Alsobrooks’ aide Perrin Brown.
Mr. Brown graciously talked with me on the phone. He was in the meetings with Sen. Alsobrooks where the bill was amended after Democrats filibustered it earlier in May, and he helped write some provisions. His argument goes like this:
Stablecoins are backed by safe securities and are not as subject to abuse as cryptocurrencies themselves.
Right now, stablecoins are in use and there is no regulatory regime. It’s better to have an imperfect regime than to have none.
Democrats’ participation in the process has improved the bill.
Stablecoin issuers under $10 billion will be regulated by the states and bigger ones by the Feds.
There will be a committee of representatives of the Federal Reserve; Office of the Comptroller of the Currency, U.S. Treasury Department; and the FDIC that will mostly be advisory but that will have authority to approve foreign companies who wish to issue stablecoins. The Federal Reserve retains independence from Trump.
To protect community banks and to prevent stablecoins from losing value, Sen. Alsobrooks won a provision that prohibits stablecoin issuers from paying interest.
My responses:
There is nothing like an adequate enforcement mechanism in the bill and that the words in the law will be ignored by Trump and his agency heads. The bill will impart a false sense of security to a dangerous situation. Donald Trump has a stablecoin (USD1), and he gets a small commission on every transaction. The legitimization of stablecoin will help him continue to expand his graft.
In the year 2000, Bill Clinton collaborated with Republicans and passed the Commodity Futures Modernization Act. At the behest of Wall Street operators, it undid financial regulation adopted under the New Deal, and the new system collapsed in a mere eight years, leading to the gigantic bailout of rich investors and executives and no help for homeowners stuck under water.
The Democratic Party is polling 8-12 percentage points behind Donald Trump. They need to be seen as helping working people rather than as doing the bidding of tech and financial executives.
Rather than helping Republicans pass a bill with some good language but no real teeth, they should be excoriating Republicans for supporting corruption.