We consider the following to be basic rights for all consumers of digital asset technologies. These user rights must be taken into account as vital cryptocurrency legislation is drafted and passed.
The Digital Asset Consumer Bill of Rights
- The promise and transformative potential of digital currencies and blockchain technology should be accessible to everyone – both in America and globally – ensuring that these benefits can equitably flow to all communities that decide to participate in this growing sector.
- Digital Currency consumers have an absolute right to privacy – the entirety of their user data and any other identifying information must be subject to the highest possible level of security, retention, and protection standards. User data may not be shared or sold unless compelled by law.
- Digital Currency platforms and services have a responsibility to identify, stop, and actively mitigate the efforts of bad actors that seek to defraud consumers, protocols, and industry actors. Thorough vetting must take place for new tokens listed on exchanges or services offered to end users.
- Consumers and industry participants have the right to utilize exchanges and platforms that can safely, securely, and effectively provide custodial services for their funds. These exchanges and platforms should also hold comprehensive deposit insurance and/or collateral to reimburse digital currency consumers when their funds are compromised or an error is made while utilizing these crypto platforms or services.
- Digital Currency consumers have the right to access timely, high-quality customer service through multiple pathways, including but not limited to phone, email, and online outreach.
- Digital Currency consumers have the right to accurate, truthful, and up-to-date information regarding digital assets free of deceitful, predatory, or misleading information.
- Digital asset platforms should protect digital currency consumers by ensuring and verifying that they are educated, knowledgeable, and understand the risks of various financial instruments or tools before being allowed to access and utilize them.
- Consumers and industry players operating in the Digital Currency sector have the right to opine on and work with policymakers and regulators to help inform and shape the evolving standards that will influence the future growth of the digital currency sector.
- Digital Currency consumers have the right to access and participate in a digital currency sector that equally prioritizes robust consumer protections with economic growth and innovation; these two priorities are complementary and synergistic.