Bitcoin Might Be Ponzi Scheme, Prominent Democrat Says

Former Maryland Governor Martin O’Malley took aim at Bitcoin during an event organized by Social Security Works, an American political advocacy group

The prominent politician, who recently ran for chair of the Democratic National Committee in 2025, suggested that Bitcoin might be a Ponzi scheme when advocating for social security.

“It’s not a Ponzi scheme. Bitcoin might be, but not social security,” O’Malley said.

The comments made by O’Malley show that crypto remains largely a partisan issue in the U.S. after many industry leaders chose to fully align themselves with the Republican Party

Democrats sour on stablecoin legislation

Meanwhile, a bipartisan effort to pass a major stablecoin appears to be failing

As reported by U.Today, Massachusetts Senator Elizabeth Warren, one of the leading progressive voices within the Democratic Party, recently drew criticism from crypto advocates for opposing key stablecoin legislation. Crypto-friendly Democrats are now reportedly reconsidering their support for the bill that the crypto industry has persistently lobbied for

Earlier today, Politico reported that Senate Majority Leader John Thune was open to amending the stablecoin bill to secure enough votes from wary Democrats.