Ruben Gallego’s Crypto Gamble Could Trigger the Next Financial Meltdown

The cryptocurrency industry has the same cast of ultra-rich, nefarious characters who caused the 2008 economic crash. It has the same anti-government regulations that prevent safeguards from being put in place.

Please get in touch with US Senator Ruben Gallego to stop supporting the Clarity Act, or the next devastating crash will be on him. And we will be the only ones harmed. Remember 2008? The big banks got bailed out with our tax dollars. We got sold out.

I was there in 2008

I am a retired 77-year-old banker. I worked for Columbia Savings and Loan when Michael Milken and his Wall Street buddy, Thomas Spiegal, turned it from a very successful mortgage lender into a junk-bond bank. This led to the bank’s failure and jail time for Milken.

I was there when legislators repealed the 1933 Glass-Steagall Act, which created the Federal Deposit Insurance Corporation (FDIC) and separated commercial banking from stock investing. Banking became the Wild West as Goldman Sachs and other investment firms gambled with insured bank deposits and securitized mortgage loans. This led to the 2008 financial crisis.

I was a vice president/commercial loan officer at that time and was laid off. I was hired by the FDIC and participated in the closure of 22 of the 465 banks that failed. So many of the failed banks were less than 5 years old and lacked basic knowledge of bank safety checks and balances.

This is the reply Google gave when asked: “Does Ruben Gallego get money from crypto?”

Yes. During his 2024 campaign, Sen. Gallego was backed by $10 million in support from pro-crypto super PACs, including Protect Progress (heavily funded by Coinbase and venture capitalists like Andreessen Horowitz).

He has since become a key advocate for the industry in the Senate. While he has stated he doesn’t personally buy or sell digital assets, his support for the sector has led to key voting alignments with Republicans on major legislation. Examples of this include:

• Committee Votes: He was one of the few Democrats to break party lines and vote to advance the GENIUS Act and the broader digital asset market structure bills in the Senate Banking Committee.
• Floor Legislation: He has drawn scrutiny from progressive and banking advocacy groups for actively supporting legislation that establishes “soft regulation” for the cryptocurrency industry.
• Committee Assignments: Gallego serves as the ranking member on the Senate’s Subcommittee on Digital Assets, which oversees cryptocurrencies and their regulatory agencies.

Talking Points Memo had the full story on June 9, 2026: Why Are Any Democrats Supporting a Bill That Was Championed by the Crypto Industry?

Crypto will lead to an economic crash

Cryptocurrency has all the indicators that led to the 2008 economic crash. The same argument about “modernization” and the same Wall Street bankers and billionaires. The creators of Glass-Steagall understood from decades of experience the need for the regulations they created. It kept our deposits and our economy safe for 66 years.

The lesson of 2008 is simple: when Wall Street demands fewer rules, ordinary Americans end up paying the price. The bankers get rescued, the investors walk away, and working families are left holding the bag.

Before Congress dismantles another generation of safeguards, voters should ask a simple question: who benefits if this gamble succeeds—and who suffers if it fails? The answer should concern every American with a paycheck, a retirement account, a mortgage or money in the bank. The time to stop the next financial disaster is before it happens, not after taxpayers are asked to clean up the wreckage. Contact your representatives.