Google Archives - Americans for Financial Reform

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).

Letters to Congress: Letter to Congress Regarding Google’s Entrance into Digital Asset Markets

We, the undersigned organizations, write to you as advocates of transparency in digital asset markets. The cryptocurrency market boom has led to large corporations investing in the field, including Facebook (now Meta), whose problematic “Libra” cryptocurrency proposal was scrutinized in a 2019 hearing held by the Committee, at your direction. Facebook has since abandoned the project in light of the concerns raised at this hearing and due to push back from policymakers, public interest organizations, and financial regulators.