Tag Archives: Crypto

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.

Cryptocurrency

Why Crypto is not the Solution to Financial Inclusion

Americans for Financial Reform and the Take on Wall Street campaign gathered several experts on July 1 to lay out the multiple ugly truths about crypto and addressed a few reasons why we should not take the promises made by its most enthusiastic advocates at face value, and why regulators need to use the authority they already have to oversee this market.

News Release: Public interest groups call on Congress to scrutinize Google’s foray into cryptocurrency

Today, in a letter to Congress, 17 national advocacy organizations representing consumers, investors, and digital rights concerns called on the House Financial Services Committee to hold a hearing scrutinizing the steps tech giant Google (Alphabet) is taking to enter the cryptocurrency and digital assets markets, and how such moves might negatively impact privacy rights, consumer protections and safeguards against economic concentration. The call echoes concerns raised previously by advocates regarding Facebook’s designs on the financial services sector with the introduction of its now scuttled stablecoin, Libra (renamed Diem).