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.
The Securities and Exchange Commission (SEC) should continue to prioritize investor protections that guard against the fraudulent behavior endemic to the crypto industry by rejecting applications for Bitcoin exchange-traded funds (ETFs), according to Americans for Financial Reform Education Fund.
Americans for Financial Reform submitted a statement for the record to the House Financial Services Committee in response to the Committee’s June 13 hearing on digital assets, entitled, “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.”
Americans for Financial Reform submitted today a statement for the record for the joint House Financial Services/Agriculture Committees’ subcommittee hearing on stablecoins entitled, “Putting the ‘Stable’ in ‘Stablecoins:’ How Legislation Will Help Stablecoins Achieve Their Promise.”
Americans for Financial Reform submitted today a statement for the record for the joint House Financial Services/Agriculture Committees’ subcommittee hearing on digital assets entitled, “The Future of Digital Assets: Closing the Regulatory Gaps in the Digital Asset Ecosystem.”
Washington, D.C. – New Congressional hearings today on crypto regulation will likely fail to adequately address the many risks that the industry posed to consumers, investors and financial markets by crypto assets and actors, according to advocates with Americans for Financial Reform and Demand Progress.
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.
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.
FOR IMMEDIATE RELEASE November 8, 2022 CONTACT: Carter Dougherty carter@ourfinancialsecurity.org (202) 251-6700 Collapse of Major Crypto Exchange FTX Is a Reminder of Crypto’s Instability Consumer Advocacy Groups Urge Regulators to Step Up Scrutiny; Warn Congress to Avoid Watered-Down Policy Responses Washington, DC – Today’s announcement
WASHINGTON, D.C. – Americans for Financial Reform and two leading financial regulatory experts, sent a detailed letter to the US Senate Committee on Agriculture, Nutrition and Forestry, highlighting major shortcomings in a new bill, the Digital Commodities Consumer Protection Act of 2022 (S. 4760/H.R. 8730).