Yesterday, March 14, Subcommittee on capital markets, securities and investment of the U.S. house of representatives held hearings with the participation of academic experts and representatives of the cryptocurrency industry. In the framework of presentations and discussion, the lawmakers expressed divergent views regarding the regulation. It is reported by CoinDesk.
“Congress is responsible for the protection of investors, but it should not interfere with the growth of (technology development)”, — said the Congressman from Illinois Randy Hultgren.
One of the legislators called cryptocurrency “absurd” to facilitate the financing of terrorism and fraud startups. Some of his colleagues also took a strong stance, but most agreed that the U.S. government needs to strike a balance between regulation and adoption of innovation.
It is worth noting that many of the Subcommittee members are convinced of the need to regulate the industry at the legislative level.
“Congress is not going to sit idly by while investors remain unprotected”, — said the Congressman from Michigan’s bill Huzinga.
The Congressman from Minnesota Keith Ellison told the hearing that he had discussed the issue of cryptocurrencies with their constituents and have not made a decision whether he should take any steps in this direction. So, his question to the experts was should know about retail investors investing in such assets.
“Given the complexity of many of these tools, I would say that it is quite dangerous (to invest in cryptocurrency)”, — said the doctor of jurisprudence Chris Brammer.
It is worth noting that the main defender blockchain technology were made by Congressman Tom Emmer.
“I slightly disagree with my colleagues on some aspects. I see that many of the legislators in this room do not understand what was going on, but the urge to some kind of regulation”, — he stressed.
He added that adequate regulation already exists and the relevant departments only need to determine how to apply it to a new industry.
“The United States should make the right decision regarding the regulation of this sector, because at stake is our reputation in the field of Finance and technology”, — summed up the Congressman Ted Budd.
We will remind, during yesterday’s hearing, lead counsel Coinbase Mike Lempres said that the Federal government has all necessary powers and mechanisms to regulate the cryptocurrency industry, and in the creation of the new Agency is not necessary.
At the same time, he urged the regulatory authorities will determine the status of the token, as uncertainty in this question does not allow GDAX to add to the list the new assets test Howie may be recognized as securities.