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NCRC Statement on President Biden’s Executive Order On Cryptocurrencies and Other Digital Assets

National Community Reinvestment Coalition (NCRC) President and CEO Jesse Van Tol on Wednesday made the following statement in response to President Biden’s executive order for a “whole-of-government” approach to regulating digital assets:

“Millions of Americans are now using digital assets as substitutes for traditional financial services. It is essential that like activities have like regulation — and we know that consumers fare better when their financial services fall within the bank regulatory system.

“Today’s executive order calls for regulators to act on policy concerns in seven critical areas. The expansive scope of the order underscores the breadth of the challenges presented by these new technologies and highlights how they may harm consumers and create systemic risks. We agree with a whole-of-government approach that prevents loopholes and protects against fraud.

“Several regulators have already taken steps to study the questions posed by stablecoins, cryptocurrencies, and blockchain, but today’s order is significant because of its thoughtful emphasis on the need for coordinated interagency policymaking.

“In seeking regulators to work expeditiously, the administration has rightfully chosen to seek action sooner rather than later. We know that millions of Americans are experimenting with digital assets, with disproportionately higher rates of usage among low-wealth households and those of color. It is important for regulators to get ahead before too many vulnerable households are harmed by markets that are largely outside of the regulatory perimeter.”

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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