As Congress debates market structure legislation, lawmakers face a significant opportunity to modernize the financial system and provide new economic opportunities for Minnesotans. However, this must be done in a way that protects the investing public from unnecessary risks.
More Americans are using digital assets to save and invest. Minnesota’s hard-working families and seniors in particular are increasingly interested in leveraging digital assets for financial security and retirement savings, which leaves some members of our community vulnerable to fraud and financial crimes that put their hard-earned investments and savings at unnecessary risk.
I urge Congress to ensure that all crypto-related legislation includes time-tested and traditional investor protections, such as registration requirements, fraud prevention measures, and transparency standards, to deter bad actors and protect Americans from fraud, market manipulation, and financial crime. Without these guardrails, loopholes and overly broad exemptions would allow bad actors to operate outside the rules, and ordinary Americans would bear the brunt.
As Sheriff of Crow Wing County, Minnesota, everything I do is in the best interest of my fellow Minnesotans. I am asking Congress to show similar consideration.
eric clan
brainerd, minnesota
The author is the sheriff of Crow Wing County, Minnesota.
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