Consumers' Research releases blockchain report in Redon Woods, aims to develop guidelines for consumer protection

Crazy Review : The U.S. Department of Commerce, the Federal Trade Commission and the National Institute of Standards and Technology, as well as groups such as the MIT Media Lab and the Currency Center, participated in a meeting organized by Consumers' Research to develop a framework focused on consumer protection. At the same time, a white paper was released, which details the best practice guidelines for consumer protection and a draft consumer rights bill, which includes free access to funds held by third parties at any time, which is what blockchain technology can do.

Translation: Nicole

Consumers’ Research released a new white paper following a meeting of lawmakers, regulators and blockchain entrepreneurs organized in Bretton Woods, New Hampshire.

The event, held in July under the rules of Chatham House, attracted the U.S. Department of Commerce, the Federal Trade Commission and the National Institute of Standards and Technology, as well as groups such as the MIT Media Lab and the Center for Money. Also attending were U.S. Representatives Mick Mulvaney and David Schweikert.

The goal of the event is to develop a consumer protection-focused framework that aims to bridge the ambitions of entrepreneurs in the digital currency and blockchain space with the concerns of regulators and lawmakers.

The result: a white paper detailing “guiding principles on best practices for consumer protection” that emerged from these discussions. Consumers’ Research also published a draft bill of rights for consumers, which includes free access to funds held by third parties at any time.

CR executive director Joe Colangelo told CoinDesk:

“You have a right to a secure and private website. We lay out these examples, and we don’t want to get into a shuffle if you’re a business. We want to have guidelines.”

As a result, the organization plans to solicit input from industry stakeholders, regulators and mainstream financial institutions. Colangelo said he hopes to "shatter our definitions and recommendations" to create the strongest framework possible.

He said:

“We really want to achieve self-regulation.”