Americans for Financial Reform and Demand Progress joined other consumer advocacy and public interest organizations in sending a letter to Congress expressing opposition to H.R. 4763, The Financial Innovation and Technology for the 21st Century Act, a bill intended to create a market regulatory structure for digital assets.
The letter raises numerous concerns about the bill, which would, in the name of so-called “crypto innovation,” weaken consumer and investor protections for both traditional and crypto investors and would also broadly reshape financial regulatory agencies’ jurisdictions, weakening regulatory oversight of financial products and services writ large.
Signatories to the letter included: American Economic Liberties Project, Americans for Financial Reform, Center for American Progress, Center for Responsible Lending, Consumer Action, Consumer Federation of America, Consumer Reports, Demand Progress, Institute for Agriculture and Trade Policy, National Consumer Law Center (on behalf of its low-income clients), National Community Reinvestment Coalition, Public Citizen, Revolving Door Project, Rise Economy (formerly California Reinvestment Coalition), Strong Economy for All Coalition, Texas Appleseed, 20/20 Vision, and Woodstock Institute.