by Pam Martens and Russ Martens at Wall Street on Parade
Crypto pushers hired themselves Trump’s outgoing SEC Chairman, Jay Clayton; a boatload of celebrities like Matt Damon (see his commercial below), LeBron James, Spike Lee, Tom Brady, Alec Baldwin, among numerous others; and high-priced lobbyists to sway Congress and state legislatures to back off any regulatory push. Crypto even slapped its name on sports stadiums and arenas – similar to Enron and Citigroup just before they blew up from specious business models.
Like any other pump and dump scheme, crypto mania worked for a while. Insiders grabbed their windfall profits early and left the unsophisticated with the losses.
Now crypto concerns are hiring themselves the likes of Big Law firm Akin Gump to explain why investors can’t get access to $11 billion in frozen accounts at Celsius Network.
The warnings have been out there for years now from experts in the legal and scientific communities, that when it comes to crypto, there’s no “there” there.
As reports spill out in mainstream media of average folks losing their entire retirement savings or the money they had squirreled away for their first home in the latest crypto bust, a group of 26 scientists, software engineers, and technologists have released a letter they sent to key members of Congress, including Senator Sherrod Brown, Chair of the Senate Banking Committee; Senator Ron Wyden, Chair of the Senate Finance Committee; and Maxine Waters, Chair of the House Financial Services Committee.
The signatories to the letter include Kelsey Hightower…
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