“Congress is responsible for failing to protect investors, not creating groundless obstacles to growth,” said the American member of the Illinois Hultgren Randy (Randy Hultgren) during a hearing of the Subcommittee on capital markets, securities and investment gathered Wednesday morning in Washington, DC.
Recall that the topic of the hearing was “the Study of cryptocurrencies and markets ICO”. Many members of the Subcommittee expressed its interest in achieving a balance between supervision and the implementation of technological innovations.
Part of the discussion of issues related to the current parameters of regulation in the United States. Some of them were addressed to Mike Lempres (Mike Lempres), the General counsel and officer of risks of cryptocurrency wallets and cryptocurrency exchange in Coinbase. Lempres, who joined the company in early 2017, argued for a balanced approach to regulation in the crypto space.
It is worth noting that some of the members expressed a strong interest in solving regulatory problems through legislative acts.
So the Deputy Maloney (Maloney), one of the senior Democrats, said he was working on a draft law on the supervision of cryptocurrencies, which will cover stock exchanges offering trading services for digital assets.
The Deputy from Michigan, bill Huizenga (Bill Huizenga), holding the position of Chairman of the Subcommittee on capital markets, securities and investment, has also declared its readiness to action:
“Congress is not going to sit idly by while there is no protection of investors.”
MP from Minnesota Keith Ellison (Keith Ellison) said that the theme of the ICO regularly raised in recent weeks in meetings with voters in his district.
“In my meetings with voters over the past few months many have asked, “Hey, what’s going on with this cryptocurrency should I invest in it?” […] If someone wants to invest in this area, he should know how unsophisticated investor?”, — asked Allison.
In response, Dr. Chris Brummer (Chris Brummer), Professor of law at the law center at Georgetown University, recommended to exercise caution on this front.
“I can confidently say that given the complexity of many of these tools, their use is very dangerous,” he said.
A kind of summary of the hearings was the statement of the Deputy Ted Budd (Budd Ted), who said:
“Regulation in this space is that the United States needs to fix. Because a bad or hasty policy towards cryptocurrency seriously threatens our reputation in Finance and technology.”