Consumer and Investor Advocates tell Senators that Digital Commodity Legislation “must guarantee investors’ ability to access the state and federal court system to resolve cases.”

On December 9^th, a coalition of consumer and investors advocacy organizations sent a letter to the Senate Agriculture Committee voicing “strong concern” about the fact that bipartisan digital commodity legislation now emerging in the Senate “does not contemplate any safeguards with respect to injured investors’ ability to hold digital commodity issuers, brokers, and affiliated entities, accountable for misconduct.”

Although the letter addresses a bill pending in the 117^th Congress, it also puts down a marker for future legislation, including legislation related to SEC authorities and responsibilities that is likely to emerge from the Banking and Financial Services Committees next year.

• “As organizations that share a commitment to investor choice, we write to express strong concern that the Digital Commodities Consumer Protection Act, 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.”

• “Any federal legislation addressing digital commodities (or other digital assets) must guarantee investors’ ability to access the state and federal court system to resolve cases.”

Organizations signing the letter include:

1. American Association for Justice (AAJ)
2. Americans for Financial Reform (AFR)
3. Consumer Action
4. Consumer Federation of America (CFA)
5. Consumer Reports
6. Institute for Agriculture and Trade Policy (IATP)
7. National Association of Consumer Advocates (NACA)
8. Public Citizen
9. Public Investors Advocate Bar Association (PIABA)
10. S. Public Interest Research Group (US-PIRG)
11. 20/20 Vision