Opposition Letter to H.R. 4763, the Financial Innovation & Technology for the 21st Century Act
NCLC signed-on to a letter submitted to the House Committee on Financial Services and House Committee on Agriculture opposing proposed crypto legislation.
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Comments to FDIC Regarding False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC's Name or Logo
The National Consumer Law Center (on behalf of its low-income clients), Americans for Financial Reform Education Reform Fund, Consumer Reports, Student Borrower Protection Center, Public Justice Center, Public Good Law Center, U.S. PIRG, Consumer Federation of America, and Better Markets submitted comments regarding the Federal Deposit Insurance Corporation’s (FDIC) recent proposed changes to part 328…
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Coalition Letter to U.S. Senate Committee on Agriculture Regarding Investor Choice and Digital Commodities Legislation
As organizations that share a commitment to investor choice, we write to express strong concern that the Digital Commodities Consumer Protection Act (S. 4760), as currently drafted, does not contemplate any safeguards with respect to injured investors’ ability to hold digital commodity issuers, brokers, and affiliated entities, accountable for misconduct. Decades of experience with the…
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Comments Regarding the Request for Comment on Digital-asset-related Illicit Finance & National Security Risks
Joint Comments to the U.S. Treasury re: the Request for Comment on Digital-asset-related Illicit Finance & National Security Risks.
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Comments to Treasury on Ensuring Responsible Development of Digital Assets
This request for comments covers two different sets of digital assets: cryptocurrencies, including stablecoins, and central bank digital currencies. We see little to no legitimate use for cryptocurrencies and few, if any, potential benefits that are not heavily outweighed by the high degree of risk, harm, and evasion of consumer protection laws.
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Comments to Federal Reserve Board Regarding Central Bank Digital Currency
These comments focus on the perspective of individual consumers, in particular lower income consumers. Our comments assume that a CBDC would take the form identified by the paper that “would best serve the needs of the United States”: one that is privacy-protected, intermediated
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