Yesterday, on March 14, the US Chamber of Representatives’ Subcommittee on Capital Markets, Securities and Investments held hearings with the participation of academic experts and representatives of the cryptocurrency industry. Within the framework of speeches and discussions, the legislators differed in their opinions on the regulation of the sphere. This is reported by CoinDesk.
“Congress is responsible for protecting investors, but it should not interfere with the growth [of technology],” said Congressman Illinois Randy Hultgren.
One of the legislators called the cryptocurrency “utter absurdity”, facilitating the financing of terrorism and fraudulent startup schemes. Some of his colleagues also took a firm position, but most agreed that US authorities should strike a balance between regulation and the adoption of innovations.
It is worth noting that many members of the Subcommittee are convinced of the need to regulate the industry at the legislative level.
“Congress is not going to sit idle while investors remain unprotected,” said Congressman from Michigan Bill Huizenga.
Congressman from Minnesota Keith Allison told the participants of the hearings that he had discussed the problem of cryptocurrency with his voters and had never made a decision whether he should take any steps in this direction. So, his question to experts was what retail investors should know, investing in such assets.
“Given the complexity of many of these tools, I would say that it is quite dangerous [to invest in cryptocurrencies],” said Chris Brummer.
It should be noted that Congressman Tom Emmer was the main advocate of blockchain technology.
“I do not agree with my colleagues on some aspects. I see that many lawmakers in this room do not understand what is at issue, but call for some kind of regulation,” he stressed.
He added that the necessary regulation already exists and the relevant departments need only determine how to apply it to the new industry.
“The United States should make the right decision with regard to regulation of this sphere, because our reputation in the sphere of finance and technology is at stake,” Congressman Ted Budd underscored.
Recall, during yesterday’s hearing, the chief lawyer of Coinbase Mike Lempres said that the federal government has all the necessary powers and mechanisms to regulate the cryptocurrency industry, and there is no need to create a new department.
At the same time, he called on the controlling bodies to determine the status of the tokens, because the uncertainty in this issue does not allow GDAX to add to the listing new assets that, according to the Khovi test, can be recognized as securities.