Press Release: Protecting Consumers in the Digital Currency Economy

PRESS RELEASE                                                                                                                For Immediate Release

Contact—Chris Scalia, CRC Public Relations

cscalia@crcpublicrelations

Consumers’ Research Releases Industry-First Guiding Principles for Consumer Protection in Blockchain 

Las Vegas, NV,  October 24 — Today, Mr. Joe Colangelo, President of Consumers’ Research, unveiled a set of guiding principles entitled “Protecting Consumers in the Digital Currency Economy” at the Money20/20 Conference in Las Vegas.

“Protecting Consumers in the Digital Currency Economy” presents guiding principles on consumer protection for businesses working with digital currencies and other blockchain-based assets. The document is the culmination of this summer’s Bretton Woods 2016 workshop, hosted by Consumers’ Research, which gathered regulators, legislators, policy-makers, legal experts, and members of the financial services industry.

The guiding principles document:

  • Outlines the state of consumer protection in the digital currency economy for digital currency industry entities;
  • Presents a consumers’ bill of rights and fourteen guiding principles for consumer protection;
  • Examines the flaws, failures, and weaknesses of existing financial industry frameworks, as well as newer digital currency and distributed ledger products and services;
  • Recommends solutions in the fields of asset security, data privacy, usability, and disclosure & liability.

“Over the last few years, federal regulators have been advising the blockchain community to develop a set of best practices to address consumer protection concerns associated with distributive ledgers,” said Mr. Colangelo. “That’s exactly what we’ve produced here—the first industry-led, self-regulatory effort in Bitcoin/blockchain, based on conversations and collaboration with an incredible variety of experts.”

View the complete guiding principles document here: https://consumersresearch.org/home/white-papers/bretton-woods-2016-protecting-consumers-in-the-digital-currency-economy

Consumers’ Research, founded in 1929, is an independent educational organization that seeks to increase the knowledge and understanding of issues, policies, products, and services of concern to consumers—and to promote the freedom to act on that knowledge and understanding. Its magazine, Consumers’ Research, is published quarterly. Visit www.consumersresearch.org for more information.

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For an interview with Joe Colangelo or a copy of the new report, contact Chris Scalia: cscalia@crcpublicrelations.com; 703-683-5004 (ext. 103); 608-354-3195

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Kyle Burgess is the co-founder of two social enterprises and has worked in strategy, communications, and program management for a decade. Kyle received her Master’s degree in International Relations & Economics from the Johns Hopkins School of Advanced International Studies (SAIS) and her Bachelor's degree in Political Science from American University.

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