View or download a PDF of the statement here.

Americans for Financial Reform submitted today a statement for the record on House Financial Services’ Digital Asset Subcommittee hearing on stablecoins entitled “The Future of Digital Assets: Closing the Regulatory Gaps in the Digital Asset Ecosystem.”

In it, we express concerns about the Committee’s uncritical acceptance of crypto claims of innovation and urge the Committee members to avoid pursuing legislation that would undermine existing consumer and investor protections and create carve-outs for the crypto industry.