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U.S. Congressmen call for active dialogue between regulators and crypto industry
Two US Congressmen have initiated attempt for an open dialogue when it comes to the regulation and acceptance of cryptocurrency in the country.
Following recent comments on crypto by Securities and Exchange Commission Chair Gary Gensler and a letter that he had sent to Senator Elizabeth Warren (D-Mass.), where he requested for additional authority to regulate cryptocurrency, representatives Patrick McHenry (R-N.C.) and Glenn Thompson (R-Pa.), prepared an open letter.
Citing recent SEC developments that display a “concerning roadmap for regulatory actions that will have long-term implications,” the congressmen said that:
“Rather than regulate innovation and job creation out of this country, we should promote an active dialogue between regulators and market participants.”
The open letter was directed to Gensler and acting chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam. The congressmen stressed that collaboration is the goal of the recently passed ‘Eliminate Barriers to Innovation Act of 2021’ (H.R. 1602.)
The passing of the bill requires the SEC and the CFTC to establish a joint Working Group on Digital Assets with market participants, organizations involved in academic research and investor protection organizations, among others.
The two congressmen called on Gensler and Behnam to take the lead and see to it that lawmakers and regulators will put their heads and hands together to “ensure the digital asset marketplace flourishes in the United States.” A call McHenry also outed a week ago after the senate failed to pass an amendment to the Infrastructure Bill:
The House must continue to examine this issue to preserve our nation’s leading role in global #financial innovation.
I will work to ensure it provides protection for American innovation, & will put forward needed changes to achieve this goal.
— Patrick McHenry (@PatrickMcHenry) August 9, 2021
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Author: Peter Siu