Tag Archives: Crypto

News Release: House-Passed Crypto Bill Risks Investor Harm and Financial Instability

The cryptocurrency bill passed by dozens of House Democrats and most Republicans at the behest of a free-spending industry lobby lacks effective protections for consumers, establishes weak rules for this fraud-ridden industry and contains loopholes that could undermine regulatory safeguards for all investors and consumers. The influx of crypto political spending this election year – notably millions in negative ads in California’s Senate primary – loomed large in this vote. Crypto super PACs, largely financed by a handful of wealthy Silicon Valley tech donors, have pledged to spend tens or even hundreds of millions of dollars this election cycle. 


News Release: House Crypto Bill Faces Broad Opposition from Public Interest Voices

As the House meets this Wednesday to vote on a bill that would create a new federal framework for crypto regulation, labor unions, consumer and investor protection organizations and experts are raising the alarm about the bill’s potential to cause serious consumer and investor harm. Americans for Financial Reform and Demand Progress joined more than 30 national and state organizations and academic scholars and thought leaders with financial regulatory expertise in sending a letter to Congress expressing opposition to H.R. 4763, The Financial Innovation and Technology for the 21st Century Act (“FIT” Act).


Fact Sheet: Crypto Harms by the Numbers

The crypto industry paints a picture of crypto as a tool for financial inclusion and economic prosperity. However, when one looks at the actual numbers, the industry’s record tells quite a different story – one of fraud, crime, scams, and economic hardship. Straightforward facts and figures outline the scope and scale of financial loss and harm that the crypto industry has inflicted on consumers and investors in the U.S. and around the world. 

News Release: Consumer Advocacy Groups Oppose Weak Stablecoin Bill

A new stablecoins bill proposal being discussed today in Congress would fail to adequately address the many risks that the industry posed to consumers, investors and financial markets, according to Americans for Financial Reform, Demand Progress and a dozen consumer protection groups. The bill is a focus of today’s hearing held by the House Financial Services’ Subcommittee on Digital Assets, Financial Technology and Inclusion. 

Letters to Regulators: Letter to HFSC on Stablecoin Bill

AFREF joined partner organizations to express concerns about the grave risks stablecoins pose to households and our financial system and urged the Committee to take the utmost care to not advance legislation that will increase these risks by expanding the reach of stablecoins without providing adequate protections. The letter highlights many elements that make the bill inefficient in providing adequate protections for consumers, investors, and financial markets.