Crypto Watchdog Launch Targets Scams Ahead of Senate Vote

A new non-profit called Crypto Watchdog launched on June 23, setting itself up as a consumer advocacy group focused on cryptocurrency risks – just as the Senate prepares to debate the Digital Asset Market Clarity Act.

Executive Director Chapin Fay said the group plans to spotlight scams and insider advantages that put retail investors at a disadvantage. He also highlighted national security concerns tied to sanctions evasion. Fay described Crypto Watchdog as “not anti-crypto” but “pro-innovation,” with an emphasis on accountability for the people who tend to get hurt most.

The timing is deliberate. The Clarity Act is working through the Senate, with a floor debate penciled in for July. The bill aims to clarify which tokens are securities, which are commodities, and how federal agencies should divide oversight. A draft of the bill was circulated by Senator Cynthia Lummis around July 4, with negotiations ongoing.

Crypto Watchdog’s advisory board signals its approach. Mitch Silber, a former director of intelligence analysis at the NYC Police Department, brings law enforcement perspective. Jack St. Martin, chief of staff for the Nevada Republican Assembly Caucus, adds political connections as crypto regulation becomes a bipartisan issue.