When digital assets evade basic safeguards, Americans pay the price.
Digital assets have developed faster than the guardrails designed to keep consumers safe. While emerging innovations like digital assets are modernizing our financial system, proven safeguards must be applied to protect small business owners, retirees, and Americans looking to invest in their financial future.
Bad actors always look for the least secure part of our financial system.
Right now that's digital assets.
- Illicit foreign actors are more sophisticated than ever and are taking advantage of an unregulated system to fund terrorism, human and drug trafficking, and other nefarious activities.
- Fraudsters use any tool at their disposal to target Americans, including loosely regulated or insecure digital asset platforms, putting their hard-earned investments at risk.
- The limited oversight of digital assets also poses a systemic risk that could lead to the next financial crisis.
- Policymakers shouldn't wait for another financial collapse to act. Now is the time to apply proven safeguards and appropriate regulation to stop bad actors before they harm even more people.
Stability is America's competitive edge.
Without basic protections, that strength is at risk.
- We have a financial system built to keep consumers safe. As a newer entrant, crypto operates under a patchwork of rules that can create uncertainty and uneven protections, posing a threat to financial stability.
- Our country's financial leadership relies on the most trusted and safe financial institutions in the world and appropriate consumer protection guardrails.
- Financial services companies work closely with regulators to ensure the security of Americans' hard-earned money—it is critical that digital assets are held to those same standards.
- Our country's financial leadership relies on the most trusted and safe financial institutions in the world and appropriate consumer protection guardrails.
- All financial products, including innovations that drive growth and expand access, should be held to the standards of the rest of the financial system to protect consumers and support long-term economic stability. This is especially true as policymakers consider new regulations that would impact the entire economy.
"The major concern with both versions of the [market structure] bill is that this weaker regulatory regime for cryptocurrency could blow a gigantic hole in the financial system, with disastrous results for investors well beyond the crypto market."
- The rules governing crypto need to address this growing asset class.
- Digital asset providers need to put safeguards in place that reduce the risk of illicit activity—including the financing of terrorism and trafficking, fraud, or collapse, like other financial actors already do.