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- Two major sessions of Congress are set to convene on cryptographic regulations.
- A senior member of one of these committees did not seem keen on the plan.
- The legislator is not alone in his doubts.
No regulatory framework for cryptocurrency United State It has always been a concern for industry participants. The situation has worsened as regulators seem to be squeezing the industry, Forcing some companies to search abroad.
The House Committee on Financial Services and the House Committee on Agriculture are set to host the unprecedented event Joint hearing On Wednesday 10 May with Plan to work together on coding regulations To address industry concerns. However, not all lawmakers agree with the plan, as recently highlighted by Rep. Brad Sherman’s comments.
Sherman: “We don’t need to keep up with cryptocurrency”
at recent days bloomberg interview subscriber On Tuesday, May 9, Sherman argued that the United States does not need to lead cryptocurrency innovation, comparing the industry to cocaine production and organ harvesting.
"Peru is way ahead of us in cocaine production, China's way ahead of us in Oregon harvesting, we don't need to keep up on those things. And we don't need to keep up on crypto," the lawmaker said.
Despite industry calls for clear regulation, a member of the House Financial Services Committee claimed that the cryptocurrency market does not want “real regulation.”
"They are here not because they want clarity, but because they want only a patina of regulation," he asserted.
Real clarity would allow Know Your Customer (KYC) and Anti-Money Laundering (AML) rules to be applied to the entire cryptocurrency ecosystem with cryptocurrencies classified as securities, according to the chair of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets.
Sherman a long time ago critic from the industry. in September 2022 interview with the Los Angeles Times, the lawmaker revealed that he would have preferred it if the government had banned the industry years ago when less money was involved. he is too repeat This view is in January 2023.
Sherman is not alone in his skepticism, as his fellow Democrats are They expressed their unwillingness to create new rules for cryptocurrenciesInstead, he called for perceived loopholes in existing regulations to be filled ahead of the joint hearing between the SEC and CFTC regulators.
The joint hearing will include testimony from several experts, including Harvard Research Fellow Timothy Massad, Kraken Chief Legal Officer Marco Santori, NYSE COO Michael Blueground, and former CFTC Director Michael Culkin.
on the flip side
- French Rep. Hill has Express optimism Republicans and Democrats will come to a consensus on cryptocurrency.
Why should you bother
Sherman’s views highlight that the cryptocurrency industry still faces significant hurdles that must be cleared in Congress before it can gain regulatory clarity in the United States.
To find out more about the planned hearing, read this:
US Locks Down Cryptocurrency Compliance Amid SEC & CFTC Collaboration Plans
The crypto community is baffled by Biden’s willingness to go after crypto tax loopholes; Learn more:
Biden targets cryptocurrency tax loopholes. Leaving the community confused
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