Thank you. We will continue to fight for our beloved state.

 

Thank you for joining me on this journey.

I’m grateful to everyone who helped get this campaign across the finish line. The volunteers who knocked on doors, made phone calls, and drove people to the polls. I’m grateful to so many who I met along the way. And I’m grateful to the donors like you who powered this campaign every step of the way.

Thank you to my husband, Curt, whose partnership made all of this possible! Thank you to my sons, Matthew and Thomas, who inspire and teach me every day. I wouldn’t be standing here today without your support — and I love you all so much.

Last night, I called Senator-elect Budd and congratulated him. I offered him my support and encouraged him to stand in the tradition of our state to be an independent leader that puts North Carolina first. I hope he will.

I’m so proud of the race we ran. I’m proud that all along we stayed true to our mission — that this would be a race about the people, not politics. Even when others didn’t, we believed in North Carolina — and I do still.

This isn’t the outcome we wanted, but we have made history in North Carolina. I’m thinking of all those before me who blazed their own trails so that I could reach the end of this one.

I’m thinking of my late mother, Lou Beasley, who showed me the importance of public service, of working for justice for all and for standing for what’s right. She was a great example. She knew the importance of staying the course and valuing the right to vote. My mother was granted the right to vote 57 years ago with the passage of the Voting Rights Act. 57 years later, the work to make voting truly accessible continues.

I’m thinking of my Grandaddy Clarence and my grandmother Mimi, Rebecca from Alabama, who married very young and searched for a better life for their family. With 76 cents in his pocket Granddaddy Clarence hopped a train to Nashville, TN with dreams of a better future in his heart. He worked on the railroad his whole life believing that for all his sacrifice, his children and grandchildren would have it better. My Grandaddy Clarence and Mimi believed firmly in the American Dream. Despite the challenges they faced and the injustices they weathered, my grandparents worked hard to build a better future for their children and grandchildren.

I am my grandparents’ American Dream.

Regardless of the result — I remain resolved to fight for our beloved state. Because North Carolina is worth fighting for. Because our American Dreams are worth pursuing.

This election was never about the names on the ballot. It’s been about you, the people of this state, and your future.

After two decades as a judge, I ran for the U.S. Senate for a simple reason: I love this state. But I’ve seen how Washington has failed people here.

Over the last 19 months, I met North Carolinians in all 100 counties. You shared with me your struggles — from jobs that don’t pay the rent to medication that costs too much to loved ones who need health care but couldn’t afford it to small business owners who are the backbone of our economy and need leaders with a backbone to do what’s best for them. I’ve spoken with farmers who’re paying too much for fertilizer and for gas for farm equipment. I’ve heard from those who’ve been fearful of the threats to our democracy. And you shared with me your hopes — good schools for your children, regardless of your ZIP code, safe communities to live in, opportunities to prosper and thrive. I’ve seen time and again what I already knew — the people of our state are tough, resilient, and generous.

And I heard from so many of you who wanted Washington to set aside the special interests and corporate donors and instead focus on helping our families. Nurturing our communities.

While Washington focuses on pointing fingers, the people of North Carolina know we have to point forward.

Because I, like you, still believe in a future where our rights are protected and our freedoms fulfilled.

Where seniors can retire with dignity and prescription drugs don’t break the bank.

Where people can work one — not two, not three jobs — to support a family and you don’t have to go to college to get that job.

Where YOUR leaders work for YOU — not themselves, and not their corporate donors and special interest groups.

Where an American Dream is a possibility of tomorrow for all — not just a story of the past for some.

And while I am disappointed — I am not defeated. While I wish for a different outcome, I am not leaving the fight because the issues that I ran on are too important and an election doesn’t determine my voice or my continued commitment to fight with you.

Progress in this country has never been promised. It takes time. And always in the face of injustice and adversity, we have continued to fight. By taking up the fight, we have made progress.

It is because of this that I stand before you — the first African American woman to be nominated to the U.S. Senate from North Carolina. The first African American woman to serve as Chief Justice. This fight has made my story possible.

And with unprecedented attacks on our rights and our democracy hanging in the balance, we simply cannot afford to give up the fight.

Thank you for your hard work and commitment these last two years. I am filled with gratitude and hope for having been in this fight alongside you, and for all that is to come.

Thank you and may God bless North Carolina.

- Cheri Beasley

 

Paid For By Cheri Beasley for North Carolina

Cheri Beasley for North Carolina
PO Box 28778
Raleigh, NC 27611

POLITICO NIGHTLY: Ballot measures could change how Americans vote, gamble and smoke

 

View in browser   BY CALDER MCHUGH With help from Charlie Mahtesian Gamblers stand at betting windows at Santa Anita Park in Arcadia, California. Two ballot measures aim to expand gambling in the state. | Mario Tama/Getty Images DIRECT DEMOCRACY — On Nov. 8, voters in 38 states will have the opportunity to vote on 140 certified statewide ballot measures — 20 more than in 2020. Some are standard fare — more money for infrastructure, or schools, or environmental protections — while others could change how Americans live and vote. There are even attempts to right past wrongs, with several measures attempting to pave the way for prisoners to challenge forced labor laws . Here are five of the most notable and consequential ballot measures: A new voting system in Nevada: If Nevada’s Question 3 passes, one of the nation’s premier swing states could see its electoral system overhauled. The initiative asks whether Nevada voters want to implement ranked choice voting, a system by which voters rank candidates in order of preference. The consequences of RCV are playing out now in Alaska, where the state’s recently installed RCV system has Republican Sarah Palin openly saying she will rank Democratic rival Rep. Mary Peltola second over fellow Republican Nick Begich III and many Begich supporters refusing to rank anyone else. In short, the system is scrambling the dynamics in a traditionally red state. In Alaska, RCV helped Peltola win a special election this summer (against the same current challengers, Palin and Begich) and has her in the driver’s seat to defend her seat this fall. In Nevada, however, top Democrats are in unison opposing the idea , which they argue will dampen turnout by making voting more “error-prone, confusing and exclusionary.” And many Republican officials agree . Pro-RCV groups, on the other hand, argue that ranking candidates produces outcomes that are more representative of voters’ wishes. Sports gambling in California: California is considering two ballot initiatives — Proposition 26 and Proposition 27 — that would legalize sports betting. Prop. 26 would legalize sports betting in-person at tribal casinos and private race tracks, while Prop. 27 would legalize online sports betting. The campaigns for and against have spent staggering sums of money, even by California standards, making the two measures cumulatively the most expensive in ballot initiative history — approaching $550 million raised in total . That’s close to the amount of total spending on the 2000 presidential race, in 2022 dollars. With online sports gambling sweeping the country, proponents argue that Prop. 27 in particular could bring in a windfall of cash. Most tribal leaders support Prop. 26, which would allow them to expand gambling operations in California, but oppose Prop. 27 out of concerns that online gambling could eat into their profits. Despite the massive spending, both measures look poised to fail, according to recent polling. Abortion rights in Michigan: Michigan abortion rights groups fought hard to get Proposal 3 on the ballot this November. If passed, the measure would enshire the right to abortion in the Michigan constitution, reversing the state’s 1931 abortion ban, which is currently blocked by state courts but could be allowed to take effect by the Michigan Supreme Court. Democrats around the country have made abortion rights a pillar of their pitch to voters in the aftermath of the overturning of Roe v. Wade . Now, Michigan voters will have the chance to vote directly on whether abortion in the state should be legal (as will voters in California and Vermont; voters in Montana and Kentucky will consider variations on the question of a right to abortion). Recent polls indicate strong support for the measure in Michigan. Democrats are hoping that Proposal 3 can generate big turnout, which they expect would boost the party’s prospects up and down the ballot, including Gov. Gretchen Whitmer’s reelection bid. Establishing a minimum wage in Nebraska: Nebraska currently has a minimum wage of $9/hour, above the federal minimum wage of $7.25/hour but trailing behind more than half of the country. Initiative Measure 433 would raise the state’s minimum wage to $15/hour by 2026, an increase that proponents argue is necessary amid rising inflation. While raising the federal minimum wage was a much-discussed issue during the 2020 campaign — and in particular during Democratic primaries — the issue appears to have fallen off President Joe Biden’s to-do list. If a minimum wage increase can succeed in a red state, it could put the issue back on the map for Democrats. Marijuana legalization in Arkansas: Nineteen states have already made marijuana use legal. Arkansas could be next. About two in every three American voters support legalizing the recreational use of marijuana, according to a YouGov poll , but so far, legalization has mostly passed in blue states. If Issue 4 — Arkansas’ marijuana legalization initiative — passes, it would be the most conservative state to legalize recreational weed use. (Five other states are considering ballot initiatives this year that would do the same). The measure enjoys bipartisan support, and libertarians have come out strongly on the side of legalization. However, since September, when Arkansas’ Supreme Court agreed that the initiative could be considered by voters in November, some top GOP figures have decided to turn up the heat against the measure. Sen. Tom Cotton recently warned against “following California’s path” and that passing Issue 4 would lead to “more crime, more addiction, and more traffic fatalities.” Recent polling suggests that voters still narrowly prefer legalization, though the race has gotten tighter — support has fallen from 59 percent in September to 51 percent in October . Welcome to POLITICO Nightly. Reach out with news, tips and ideas at nightly@politico.com . Or contact tonight’s author at cmchugh@politico.com or on Twitter at @calder_mchugh .   NEW AND IMPROVED POLITICO APP: Stay up to speed with the newly updated POLITICO mobile app, featuring timely political news, insights and analysis from the best journalists in the business. With a fresh look and improved features, the sleek and navigable design offers a convenient way to access POLITICO's scoops and groundbreaking reporting. Don’t miss out on the app you can rely on for the news you need, reimagined. Already a POLITICO app user? Upgrade today! DOWNLOAD FOR iOS  – DOWNLOAD FOR ANDROID .     POLL WATCHER 49 percent The percentage of voters who say they will definitely vote for Republican Ted Budd for Senate in North Carolina, according to a new poll from Marist . Democrat Cheri Beasley has the support of 45 percent of “definite” voters. Among registered voters in the same poll, the two candidates are tied at 44 percent. WHAT'D I MISS? Trains sit at the CSX Oak Point Yard, a freight railroad yard in the Bronx borough of New York City. | Spencer Platt/Getty Images — Second rail union rejects deal, raising strike threat anew: Yet another union voted down a proposed contract with the freight railroad industry today , again pushing the nation toward an economically devastating rail strike as soon as next month. Today's vote by the Brotherhood of Railroad Signalmen makes it the second rail union to reject a compromise since mid-September, when eleventh-hour deal-making by the Biden administration averted the threat of an immediate work stoppage. — Trump team receives subpoena from Jan. 6 committee: Attorneys for former President Donald Trump have accepted service of a subpoena issued by the Jan. 6 select committee demanding documents and testimony from the former president by next month. The Jan. 6 panel wants Trump to provide relevant documents by Nov. 4 and appear for a deposition by Nov. 14, though neither deadline is likely to hold. Trump has given no public indication about whether he will challenge the subpoena in court, a process that would all but ensure he never testifies before the panel. — Menendez facing another federal investigation: Sen. Bob Menendez is facing a federal investigation, an adviser to the New Jersey Democrat confirmed to POLITICO today. Citing two sources, the digital news organization Semafor reported that the U.S. Attorney’s Office for the Southern District of New York is investigating Menendez — five years after he beat federal corruption charges. — South Carolina judge rules Mark Meadows must testify in 2020 election probe: A judge in South Carolina ruled today that former White House chief of staff Mark Meadows must testify in a probe by Atlanta-area prosecutors of 2020 election subversion efforts, according to a spokesperson for the prosecutors. Prosecutors have sought Meadows’ testimony about his involvement in efforts by Trump and his allies to overturn the 2020 election, including Georgia’s results. — Jan. 6 rioter gets probation not prison after judge finds autism played a role: A Jan. 6 rioter who wielded a hatchet and smashed two windows with a flagpole will serve no jail time , a federal judge ruled today, finding that Asperger’s syndrome made him susceptible to the influence of the mob. Nicholas Rodean of Frederick, Md., attempted to address U.S. District Court Judge Trevor McFadden today and visibly struggled to complete thoughts and sentences while explaining and apologizing for his Jan. 6 conduct. At one point, he clutched his head in frustration.   JOIN WOMEN RULE THURSDAY FOR A TALK WITH DEPARTING MEMBERS OF CONGRESS: A historic wave of retirements is hitting Congress, including several prominent Democratic women such as Illinois Rep. Cheri Bustos, House Democrats’ former campaign chief. What is driving their departures? Join POLITICO on Oct. 27 for “The Exit Interview,” a virtual event that will feature a conversation with departing members where they'll explain why they decided to leave office and what challenges face their parties ahead. REGISTER HERE .     AROUND THE WORLD French Prime Minister Elisabeth Borne and French President Emmanuel Macron. | AP Photo/Michel Euler, Pool FRENCH DISPATCH — French parliamentary politics this week turned into a game of liar’s poker in which winners are losers and losers are winners, writes John Lichfield . Two votes of confidence in the National Assembly on Monday night, when the far right and far left voted against the government, failed to bring down the centrist Prime Minister Elisabeth Borne. The unexpected joint vote could, all the same, signal trouble ahead. Borne came within 50 votes of being forced out of office — a much narrower margin than expected. The narrowness of Monday’s vote suggests that President Emmanuel Macron and Borne will find it hard to push through legislation, such as their planned reform of the French pension system — a centerpiece of Macron’s reelection agenda. They can use their emergency powers under article 49.3 of the Constitution only once a year for non-financial legislation. The clear tactical “winner” of the night was the far-right leader Marine Le Pen. After bluffing the Assembly and the media, she switched her party’s 89 votes at the last minute to support a censure motion tabled by the left. NIGHTLY NUMBER $10 million The amount of money that Michael Bloomberg is sending to the House Majority PAC in an effort to help vulnerable Democratic House members. Bloomberg, who has a longstanding relationship with Speaker Nancy Pelosi, is attempting to buttress Democratic funding in an unfriendly environment, where they are likely to lose the House. This new money brings Bloomberg’s total spending in 2020 on Democratic candidates and causes up to $70 million. RADAR SWEEP ICE, ICE BABY — Glaciers in Antarctica are hemorrhaging trillions of tons of ice as climate change heats the planet. What’s it like to watch this environment decay and study how the melting of ice caps could be picking up? Douglas Fox embedded with a group of scientists in Antarctica tasked with this mission for Scientific American. PARTING WORDS Nightly editor Charlie Mahtesian , a Philadelphia native and devoted Phillies and Eagles fan, writes about the sleeper issue from Tuesday’s Pennsylvania Senate debate.  Phillies fans blending politics and sports at Citizens Bank Park during the National League Championship Series. | Elsa/Getty Images RED NOVEMBER — At the end of a rough night for Democrat John Fetterman in Tuesday’s debate against Republican Mehmet Oz, the moderator switched gears and threw both Pennsylvania Senate candidates a softball. “The eyes of the state are on this debate tonight,” the moderator began, “but on Sunday, they will be on Lincoln Financial Field in Philadelphia as the state’s two NFL teams go head-to-head. Mr. Fetterman, Steelers or Eagles, and why?” When it was posed, the question evoked groans across social media. Some saw it as an insipid query, a wasted opportunity to ask a substantive question in a race that could determine control of the Senate. Surely there were more important issues to address, among them the lingering effects of a stroke Fetterman suffered in May — effects that were clear from his weak debate performance. Yet the campaigns themselves have recognized that sports loyalties are no small matter in a contest where authenticity matters a great deal and Oz’s ties to Pennsylvania are suspect. As part of the effort to remind voters that the celebrity doctor has only recently moved to Pennsylvania, Fetterman’s campaign has consistently trolled Oz about which teams he supports. They’ve mined social media to make the case that Oz is a New York Yankees fan and a New York Giants fan. When the Phillies faced the San Diego Padres in the National League Championship Series last week — an event that sparked civic euphoria in Philadelphia — the Fetterman campaign uncovered and tweeted out a photo of Oz wearing a Padres jersey . Before that, in advance of a much-anticipated Oct. 16 Eagles game against bitter division rival Dallas, the campaign purchased billboards not far from Lincoln Financial Field accusing Oz of being a Cowboys fan. No sports detail has been too small to overlook: At a recent Fetterman rally, attendees were given “Phillies fans for Fetterman” signs, replete with the Phillies signature font. There’s a reason for the exacting approach — in a race this close, in a state this tribal, everything little thing matters. Fetterman has led in virtually every poll since winning the nomination five months ago — he had a double-digit advantage in surveys as late as August. But Oz has gradually closed in on him, to the point where the race is now within the margin of error, according to most polls. At the debate, when asked about Sunday’s rare matchup between teams from Pennsylvania’s two largest cities, Fetterman quickly admitted allegiance to the Steelers — a near-religion in Western Pennsylvania. To answer anything else would have been fatal to his political brand. Oz, who has appeared at Eagles and Penn State tailgate parties during the campaign, went a step further. “I’ll be at the game rooting for my Eagles,” he said, before awkwardly humming the beginning of the Eagles fight song. There’s no way to know whether any of these expressions of loyalty or disdain will make a difference. But they can’t be overlooked either in a closely divided state where Biden edged out Trump by just 82,000 votes in 2020. This year, the Senate race will likely be decided in Philadelphia and its populous suburbs, at a time when the city’s wildly devoted and long-suffering fan base is basking in the glory of the undefeated Eagles and the World Series-contending Phillies. In the final two weeks of the election, it won’t be easy for the campaign messaging to break through. Aside from the upcoming Eagles-Steelers game, the World Series begins Friday. If there is a Game 7, it is scheduled for the Friday before Election Day. Did someone forward this email to you?  Sign up here .   Follow us on Twitter Charlie Mahtesian @PoliticoCharlie Calder McHugh @calder_mchugh Naomi Andu @naomiandu   FOLLOW US

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The Beasley Beat: October 22nd!

 

The Beasley Beat:
Cheri Beasley for North Carolina’s Weekly Newsletter

It’s been a very busy week for us here on the campaign trail! Check out what Cheri has been up to below.

Get Out and Vote Early!

Cheri cast her ballot alongside her family at an early voting polling site in Raleigh. Cheri also joined other candidates with the North Carolina Democratic Party to kick off early voting and encourage people to make a plan to vote.

Cheri Rallies Voters in North Carolina with Senators Cory Booker and Jon Ossoff

Cheri was joined by Senators Cory Booker and Jon Ossoff to speak to voters about what is at stake in this election. Cheri and Senator Booker met with voters at a Mecklenburg County canvass launch, a community conversation at a local barbershop in Charlotte, and held a get out the vote rally in Charlotte. Cheri and Senator Ossoff rallied with voters at a Wake County canvassing event, and held a get out the vote rally at UNC in Chapel Hill.

Cheri Held Her Second “For the People” Forum in Lumberton

Cheri continued her “For the People” Get Out the Vote Tour in Eastern North Carolina. Cheri held her second “For the People” Forum of the series to answer questions from voters and reach parts of the state with less access to the one U.S. Senate Debate because Congressman Budd refused to do a free, statewide debate available to all North Carolinians. Cheri also held a community conversation cookout in Kinston to hear from voters about their concerns and rally voters ahead of the election, visited a small business in Kinston, and toured the Museum of the Southeast American Indian at UNC Pembroke.

Cheri Campaigns with Sen. Debbie Stabenow in Stops on “For the People” Get Out the Vote Tour

Cheri and Senator Debbie Stabenow, Chair of the Senate Agriculture Committee, visited a local farm in Granville County to hear how she can best support farmers in the U.S. Senate. In Johnston County, Cheri and Senator Stabenow joined Congressman Jim Clyburn to rally voters alongside Democratic candidates up and down the ballot. In Harnett County, Cheri and Senator Stabenow met with voters and talked about the importance of getting out the vote with 20 days until Election Day.

Show Your Support for Cheri by Buying Team Beasley Merch and New Babies for Beasley Merch

We now have Pride buttons and t-shirts and “Babies for Beasley” onesies in addition to our classic t-shirts, hats, pins, and totes. You can show the rest of North Carolina that you stand with Cheri by sporting your favorite merch, whether it's a bumper sticker on your car or carrying a tote bag at the farmer’s market!

Shop our campaign store here.

MUST READS:

Check out some must-read articles from this week:

• The 19th: Can Cheri Beasley build a winning coalition in North Carolina?
• Roll Call: Budd-Beasley battle for Senate in North Carolina stays tight
• AP: Beasley Widens Money Advantage Over Budd in NC Senate Race

Help Us Win!

Want to get involved with Team Beasley? Sign up today to volunteer! If you are interested in showing your support for Cheri and writing a Letter to the Editor, fill out this interest form. It is going to take a people-powered movement to win this race and turn North Carolina blue.

VOLUNTEER

With Cheri as the Democratic nominee for U.S. Senate in North Carolina, this is our best chance to flip a seat and expand our Senate majority in November. But National Republicans are spending tens of millions of dollars against us, so we need to make sure we have what it takes to fight back. Please consider making a contribution today to help us send Cheri to the U.S. Senate! Every donation will absolutely make a difference when the votes are counted.

CONTRIBUTE

And don’t forget to follow Cheri and our team on Facebook, Instagram, and Twitter at CheriBeasleyNC!

FACEBOOK

INSTAGRAM

TWITTER

 

Paid For By Cheri Beasley for North Carolina

Cheri Beasley for North Carolina
PO Box 28778
Raleigh, NC 27611

September 11

 

Today marks 21 years since the attack on our nation on September 11th. It was a dark day for our nation that I will never forget.

I hope you will join me in taking a moment to remember those we lost and hold their loved ones in our hearts. We remember not only those who died in the violence of that day but also the brave first responders and our service members who stepped up to protect our nation.

These courageous people put their lives at risk to defend our freedoms and security, and many of those who survived that day are still struggling to get the support they need and deserve.

We owe it to them to recommit to the work of building a peaceful, safe and prosperous future for every single American, regardless of race and creed.

There is a great deal of pain for so many today, but it’s also a reminder that those who sought to attack and undermine our democracy did not succeed. In the face of incredible tragedy, we witnessed the resilience and strength of the American people.

Thank you for joining us in honoring the lost, the fallen and our heroes today.

- Cheri Beasley

 

Paid For By Cheri Beasley for North Carolina

Cheri Beasley for North Carolina
PO Box 28778
Raleigh, NC 27611

The Beasley Beat: September 3rd!

 

POSTED HERE:

The Beasley Beat: September 3rd!

“nearly impossible”

 

National Journal recently reported that “Republicans are investing heavily in North Carolina...because their path to the majority is nearly impossible if they can’t hold this seat.”

Politico said that’s exactly what insiders at the National Republican Senatorial Committee are telling their corporate donors, too.

That’s why McConnell’s super PACs have made North Carolina their second biggest investment in the entire country. They’ve already spent over $7 million against us, and they’re preparing to unleash at least $27 million more before Election Day.

This race is clearly one of their top two priorities, so Cheri needs all of us to have her back if we’re going to flip this seat in November.

Please, if you can, contribute $5 or whatever you can to stop the corporate special interests that want to buy this seat.

The only way we can compete with their limitless sums of dark money and ensure Mitch McConnell does not retake the majority is with lots and lots of grassroots donations.

If enough of us chip in and do our part, we can guarantee that Democrats hold and likely expand our majority.

Thank you!

- Team Beasley

DONATE

 

Paid For By Cheri Beasley for North Carolina

Cheri Beasley for North Carolina
PO Box 28778
Raleigh, NC 27611

ADDED:

THIS IS NOT FROM THE CANDIDATE, BUT RATHER FROM OTHER SOURCES FOLLOWING THE CRYPTO CRASH.

TED BUDD IS RUNNING FOR SENATE IN NORTH CAROLINA 
HIS OPPONENT IS CHERI BEASLEY - MAYBE A BETTER CHOICE 

ANY CANDIDATE WHO BLINDLY SUPPORTS BITCOIN OR CRYPTO JEOPARDIZES THE ECONOMY!

As Bitcoin Crashes 34 Percent in a Week, U.S. Congressman Ted Budd Pushes Bank Regulator to Approve More Crypto National Bank Charters

By Pam Martens and Russ Martens: May 20, 2021 ~

Congressman Ted Budd of North Carolina

Yesterday, Bitcoin put on a display that should put to rest any lingering doubts that it is a stable currency that could be used to pay for products or services. The current month Bitcoin futures contract at the CME swung between a low of $30,250 to a high of $43,530 – a difference of $13,280 in one trading session. From its intraday high of $58,140 on Wednesday, May 12, to its close one week later on Wednesday, May 19, Bitcoin had lost 34 percent of its value.

As we explained here at Wall Street On Parade on May 12, some of the smartest minds in the investment community think Bitcoin is very bad for America. One of the most iconic investors in America, Warren Buffet, stated in May 2018 that Bitcoin is “probably rat poison squared.” In January of the same year, Buffet told CNBC in an interview that “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.”

Also in 2018, Bill Harris, the former CEO of Intuit and PayPal, wrote a detailed critique of Bitcoin for Vox, under the headline: “Bitcoin is the greatest scam in history.”

In July 2019, NYU Professor and economist Nouriel Roubini offered this analysis of Bitcoin and crypto in a Bloomberg News interview: “It is not a means of payment, nobody, not even this blockchain conference, accepts Bitcoin for paying for conference fees cause you can do only five transactions per second with Bitcoin. With the Visa system you can do 25,000 transactions per second…Crypto’s nonsense. It’s a failure. Nobody’s using it for any transactions. It’s trading one sh*tcoin for another sh*tcoin. That’s the entire trading or currency in the space where’s there’s price manipulation, spoofing, wash trading, pump and dumping, frontrunning. It’s just a big criminal scam and nothing else.”

None of that sound logic seems to have found its way to the office of Congressman Ted Budd, who represents North Carolina’s 13th Congressional District.

At a House Financial Services Committee hearing yesterday, called to take testimony from and question banking regulators, Budd sounded like a lobbyist for the crypto industry. The exchange went as follows with the newly appointed acting head of the Office of the Comptroller of the Currency (OCC), Michael Hsu:

Budd: “Comptroller Hsu, the OCC has received a number of applications from crypto trust banks, and after conditionally approving three – I believe it’s three, you can correct me on that if it’s a different number – I think they were Anchorage, Protego, and Paxos. So what is the timetable for approving the remaining charters that are out there?”

Hsu: “I don’t know the timetable right now. It’s under review. It’s under discussion. I just got here. This is my tenth day I believe. We’ve got this in the pipeline to look at. We’re not going to drag it out. That I can tell you…”

Budd: “Love to stay in touch with you on that…”

Budd also specifically asked about Figure Technologies and its request for a bank charter. Sounding like one of Figure’s inhouse attorneys, Budd said that since Figure plans to take deposits there should be no issue with the litigation issue over non-depository bank charters. Budd asked Hsu: “Do you know if that application is on course?”

Hsu said Figure was part of the applications that are under review. (You can watch the segment of Budd posturing for the crypto banks at yesterday’s House hearing in the video below.)

In January, the Conference of State Bank Supervisors filed a lawsuit in federal district court to block the OCC from granting a national bank charter to Figure Technologies.

Budd next turned his attention to Randal Quarles, the Vice Chair for Supervision at the Federal Reserve. Budd wanted to know if the Fed was going to deny the crypto banks that don’t take deposits access to its payment system. Budd asked what the basis for that would be.

Quarles said the issue has been put out for public comment.

Budd’s home district in North Carolina is located more than 500 miles from Wall Street and yet, for some reason, six of the largest Wall Street banks rank within the top 50 donors to his 2019-2020 campaign according to the Center for Responsive Politics. Those banks include: Bank of America Merrill Lynch, $16,250; UBS Americas, $15,000; Wells Fargo, $10,250; Goldman Sachs, $10,000; Morgan Stanley, $10,000; Citigroup, $9,500; and Bank of New York Mellon, $9,000. (The money does not come from the bank itself but from its employees or their family members and/or its Political Action Committee.)

On April 28, Budd announced his candidacy for the 2022 Senate election in North Carolina to replace retiring Senator Richard Burr. That campaign is going to cost big bucks and Budd apparently feels being a proponent of crypto trading and crypto banks is a good position to stake out.

Budd also tends to stick with the hard right within the Republican party. He was among the 147 Republican lawmakers who objected to the certification of electoral votes from the 2020 presidential election after a mob of Trump supporters stormed the U.S. Capitol on January 6.

As U.S. regulators delicately straddle the fence on crypto matters out of fear of upsetting the hard right among Republican lawmakers, China has shown actual guts in dealing with the issue. On Tuesday, the People’s Bank of China released a statement that reiterated that cryptocurrencies can’t be used as a form of payment because they are not real currencies.

LINK