The Cryptocurrency ecosystem would not be complete without mentioning investors, hence the need for proper regulations and rules to guide the Cryptocurrency asset space.
Just recently a subcommittee hearing was fixed to discuss the faith of cryptocurrencies, initial coin offerings (ICOs), and whether the current regulatory framework sufficiently covers and protects the rights of investors.
Rep. Bill Huizenga (R-MI) addressed a large group of academics and Cryptocurrency industry reps who had made bare their mind that there is a need for regulators to clarify the legal status of crypto assets to help entrepreneurs innovate while remaining compliant with federal rules.
Rep. Brad Sherman (D-CA) however, share a contrary opinion, as he and some other members hinged on how terrorism is linked to the Digital currency. Brad called cryptocurrencies a “crock” and does not believe that it can be used to accomplish anything worthy of praise.
“Perhaps we’ll have another hearing after a major event terrorist event is financed by Cryptocurrency” further adding that Cryptocurrency is only, “popular with guys who want to sit in their pajamas and tell their wives they’re going to be millionaires”.
“Regulation in this space is something that the U.S has to get right because poor or rushed policy in cryptocurrencies really threatens our reputation in finance and technology”, said Rep. Tedd Budd (R-NC) another member who shares a different opinion also.
He and some other members praised ICOs and other Blockchain-related fintech advancements and cautioned making hurried regulations could lead to botched results owing to the country’s status as a fintech expert.
A member of the Cryptocurrency, friendly Congressional Blockchain Caucus- Rep.Tom Emmer (R-MN) accused politicians of calling for new regulations when proper time has not been devoted to make adequate research and understand the new technology thoroughly.
In the words of Rep. Tom, “I hear elected officials who don’t have any concept of what we’re dealing with here and how exciting it is talking about, ‘oh my gosh, we’ve got to run in and regulate and create more government infrastructure.”
He also added that “although there needs to be modest Cryptocurrency regulation, the access to capital that ICOs provide “is something Democrats and Republicans should celebrate.”
More subcommittee hearings should be anticipated for the regulation of Cryptocurrency has come to stay without a doubt; notwithstanding the varying thoughts and opinion of the subcommittee members.
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