Congressman Tom Kean Jr. Pushes Emergency Crypto Regulation Bill After Seniors Lost Life Savings in Alleged Rug Pull

Congressman Tom Kean Jr. Pushes Emergency Crypto Regulation Bill After Seniors Lost Life Savings in Alleged Rug Pull

Congressman Tom Kean Jr. (R-NJ) introduced a bipartisan emergency bill today that would force all crypto exchanges to lock down algorithmic stablecoins within 24 hours of a volatility event, after his office confirmed that dozens of New Jersey seniors were wiped out in a fake yield-farming scheme that laundered funds through unregulated offshore accounts. The move has already spooked major trading firms, with Bitcoin dropping 4% in under an hour as the market digests the potential for instant government seizure capabilities.