Despite the current administration’s dealings with the crypto sector, former Republican Congress man George Nethercutt Jr. lashes out.
Nethercutt Jr. discusses the deliberate shunning of cryptocurrencies in an opinion piece for independent political news site The Hill. The United States Congress effectively sacrifices its chance to become the global leader in this field by doing this.
Furthermore, it leads to a loss in economic and technological advantage, which does not make sense since crypto is “here to stay,” according to the consensus.
Instead, they are drafting recommendations on how to crack down on digital assets with the help of Biden’s appointees to the heads of financial regulatory agencies.”
Nethercutt Jr. explained the problem by saying that Congress, “the bureaucrats” are misguided when trying to prevent another meltdown like the one in 2008.
“Cryptocurrencies are being wrongly posited as the new sub-prime mortgage “toxic asset,” as if this innovation is some sinister invention by Wall Street to bilk the public.”
Congress and Cryptocurrencies
The result is a regulatory approach that is “heavy-handed.”. In his view, this will spur U.S. companies to move overseas to more crypto-friendly jurisdictions.
His frustration is that top U.S. crypto firms are trying their best to work with regulators to prevent fraud and criminality. At the same time, we are working to foster transparency and clarify regulations. In response, these firms have been sued, subpoenaed, and maligned.
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Moreover, digital currency is also a cross-party issue, as the previous Republican administration was somewhat hostile toward the sector. It appears, however, that the Democrats are doubling down on their commitment to this position, as Nethercutt Jr. notes.
Towards the end of his piece, Nethercutt Jr. said the federal government should look more favorably upon crypto-technology, just like it did with the Internet in 1997.
Congress must step in to protect American innovation and economic interests under the Biden administration, as crypto regulation is headed in the wrong direction.
“The administration’s way forward indicates that it will maintain the status quo that has jeopardized the future of our domestic crypto industry, so the Legislative Branch must assert itself and defend the economic interests of the next generation of American consumers and businesses.”
Then it will become impossible for crypto companies to be able to operate in the United States in the era of congress. Resulting the cash outflow from the U.S.