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Sen. Gillibrand: Lawmakers Issuing Crypto Is ‘Against the Constitution’

CoinDesk Podcast Network

CoinDesk

News, Business News, Tech News, Daily News

4.7698 Ratings

🗓️ 8 May 2026

⏱️ 13 minutes

🧾️ Download transcript

Summary

Sen. Kirsten Gillibrand (D-NY) joins CoinDesk Live at Consensus 2026 in Miami to make the case for an ethics provision banning members of Congress and senior administration officials from issuing or promoting cryptocurrencies — calling it "against the Constitution." Plus, why she's optimistic on market structure before midterms, why Democrats are the "party of the future" on crypto, and her new prediction markets bill with Sen. McCormick. - Timecodes: 00:00 Sen. Gillibrand Joins CoinDesk Live at Consensus 2026 00:27 Crypto Market Structure Before Midterms? 01:16 The Ethics Provision: "Against the Constitution" 03:21 70% of Voters Want Officials Out of Crypto 04:40 Tension Around the President's Crypto Involvement 05:43 The Clarity Act and the Alsobrooks-Tillis Compromise 06:07 Banks, GENIUS Act Rulemaking, and the Comment Phase 07:18 "Democrats Are the Party of the Future" 09:49 AI, Jobs, and Rebuilding the Education System

Transcript

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0:00.0

Senator Kirsten Gillibrand has been one of the key Democratic voices on crypto legislation in the Senate,

0:12.7

working across the aisle on both the Lumas Gillibrand Digital Asset Framework and the Genius Act Stablecoin Bill,

0:18.3

with stable coin regulation moving ahead and broader market structures still and resolved. Senator Gillibrand joins us now. Hello. How are you? I'm doing well. How are you? Very well. Well, you know, in my intro, I said that broader market structure is still unresolved, but we have had some resolution come. Well, just want to get your thoughts, lay a foundation for us where we are with market structure.

0:38.3

And are you optimistic that we will get this to the finish line before midterms?

0:41.3

I am optimistic.

0:43.3

We really only have a few outstanding issues and the different negotiating groups are working in very good faith and they've made a lot of progress.

0:51.3

We have a few more consumer protections that we need to nail down

0:54.8

specifically for the CFTC, but also to make sure states can enforce their consumer protection laws.

1:02.2

So that's important. And then we're making sure we have the right balance between protecting

1:09.0

coders and builders, but also making sure there's tools to go after

1:13.1

illicit finance, particularly terror financing. And then third, we really want an ethics provision

1:18.6

to ban all members of Congress, all senior administration officials, president, vice president,

1:22.8

from being issuers or promoters, because we don't want people to be getting rich in positions of authority

1:29.5

when they're regulating the industry.

1:30.7

It's just, it's against all ethics laws.

1:33.3

It's against campaign finance laws.

1:35.3

It's against the Constitution.

1:36.3

So we want to make it explicit that we cannot allow this type of participation by lawmakers

1:42.3

and people in senior government roles because they have too much

1:45.7

inside information and they have a disproportionate amount of power.

1:48.9

There's two really awesome questions I could ask right there, but I stick with the first one

1:52.3

on the ethics part or on the second one with the case of ethics and how you guys are going to

...

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