Senate committee disses California’s big cryptocurrency push
April 05, 2022|By Susannah Luthi | POLITICO
A representative for Yee and the Consumer Federation of California logged their opposition to the bill. In a letter to the committee and Kamlager, the Consumer Federation’s CEO Robert Herrell also stressed the digital currencies’ “wild fluctuations” that leave consumers “completely at the mercy of the market, without the protections we see in traditional banks like FDIC insurance.”
“Simply put, SB 1275 puts the “cart before the horse” by ignoring fundamental consumer protections that are necessary prior to increasing government acceptance of cryptocurrency as payment,” Herrell wrote.