Based on previous comments, Jack Reed has indicated they are very anti-cryptocurrency. Below you can view the tweets, quotes, and other commentary Jack Reed has made about Bitcoin, Ethereum, and cryptocurrency innovation.
The so-called GENIUS Act doesn’t do enough to protect consumers, national security, & U.S. taxpayers. It greenlights Pres. Trump using his office to line his own pockets and looks the other way on North Korea’s abuse of crypto. We need REAL guardrails, tools & authorities.
It might look like a normal ATM. But Bitcoin ATM scams conned Americans out of more than $114 million in 2023 alone.
These largely unregulated machines are a huge hit with fraudsters & scammers. I’m leading the effort to protect consumers & crack down on Crypto ATM bad actors.
The GENIUS Act of 2025 proposes a regulatory framework for payment stablecoins. It defines permitted issuers (insured depository institutions, their subsidiaries, and approved nonbank entities) and mandates 1:1 reserve backing with specific high-quality assets. The bill outlines federal and state regulatory oversight options, sets requirements for customer asset segregation, and grants stablecoin holders priority in insolvency proceedings. It also clarifies that regulated payment stablecoins are not considered securities or commodities under various acts. The bill designates issuers as financial institutions under the Bank Secrecy Act, requiring compliance with AML, KYC, and sanctions regulations to prevent illicit finance and safeguard national security. It also reinforces U.S. leadership in digital finance by supporting innovation and ensuring the dollar remains competitive in a rapidly evolving global financial landscape.
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".
Teaming up w/ @SenatorDurbin on the Crypto ATM Fraud Prevention Act. Help us fight crypto ATM scams:
1. Educate yourself & loved ones to spot signs of crypto scams
2. Question unusual requests related to crypto payments
3. Report scams to your local law enforcement agency & @FTC
For congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121".
This staff accounting bulletin expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users.
NEW: Rhode Island Senator @SenJackReed and California Senator @Senlaphonza have penned a letter to @GaryGensler asking for the agency to step in to ensure broker-dealers are giving investors the proper disclosures around the $BTC ETFs (which they say should be properly referred to as ETPs).
Reed also calls on the SEC to NOT approve other #crypto ETFs:
“While the bitcoin market has displayed serious weaknesses, it is nonetheless far more established and scrutinized than the market for any other cryptocurrency. However vulnerable bitcoin may be to fraud and manipulation, markets for other cryptocurrencies are far more exposed to misconduct. We do not believe that other cryptocurrencies show the trading volumes or integrity to support associated ETPs.”
If foreign banks or foreign crypto firms knowingly do business w/ terrorists, they should lose access to the U.S. financial system. Our new bipartisan bill gives @USTreasury tools to protect our nat’l & economic security from new & emerging threats from terrorist orgs.
Mark Warner
@MarkWarner
I’m leading colleagues to introduce legislation that would reform the way the U.S. applies sanctions to foreign parties who facilitate transactions with terrorist organizations – including Hamas.
We need to do everything in our power to crack down on the financing of terrorism.
Crypto ATM & decentralized finance (DeFi) services are being used as tools by money launderers & sanction evaders. To reduce nat’l & economic security risks, I’m joining colleagues to intro CANSEE Act to bolster @USTreasury authorities & protect financial system integrity.
.@USTreasury is sanctioning Russia-based crypto platforms that are hotbeds of illicit activity & facilitate sales of ransomware, drugs, stolen credit cards, etc. & let cybercriminals hide their tracks. This is a critical step to prevent crypto from undermining nat'l security.
Russia is looking at alternative assets, including crypto, to evade sanctions. Blockchain transparency doesn’t provide enough deterrence. The Digital Asset Sanctions Compliance Enhancement Act is needed to strengthen our sanctions on Putin & his enablers.
cnbc.com/2022/03/24/rus…
We can’t let Putin & his cronies use crypto to evade sanctions. Joined @SenWarren@MarkWarner@SenSherrodBrown in urging U.S. Treasury to monitor & enforce sanctions compliance by the cryptocurrency industry.
nytimes.com/2022/03/02/bus…
NEW: Rhode Island Senator @SenJackReed and California Senator @Senlaphonza have penned a letter to @GaryGensler asking for the agency to step in to ensure broker-dealers are giving investors the proper disclosures around the $BTC ETFs (which they say should be properly referred to as ETPs).
Reed also calls on the SEC to NOT approve other #crypto ETFs:
“While the bitcoin market has displayed serious weaknesses, it is nonetheless far more established and scrutinized than the market for any other cryptocurrency. However vulnerable bitcoin may be to fraud and manipulation, markets for other cryptocurrencies are far more exposed to misconduct. We do not believe that other cryptocurrencies show the trading volumes or integrity to support associated ETPs.”
