While the U.S. House Financial Services Committee continues deliberating a crypto bill that would overhaul current regulations for industry, a handful of interest groups made it clear in a scathing letter that they oppose the current draft.

Twenty one organizations signed the letter, including the American Economic Liberties Project, the Revolving Door Project, and the Center for American Progress. The letter begins by talking about the trillions lost in the 2022 “crypto collapse”and the billions funneled away in scams and fraud.

“After 14 years, crypto still struggles to demonstrate viable use cases outside of speculative investment,” reads the letter. It continues: “While other tech has proven its usefulness many times over,

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Author: Pedro Solimano

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