American lawmakers should welcome the development of cryptocurrency innovations, not hinder their growth. This was stated by U.S. Representative Ted Budd, according to Decrypt.
According to him, some members of both chambers of Congress fear blockchain, decentralized finance (DeFi) and their development.
“In the Financial Services Committee, not far from me sit even those who might call blockchain, essentially, financial 9/11,” Budd said.
He called crypto-skeptics shortsighted and added that the U.S. risks losing its leadership if it continues to take a hostile stance toward digital assets. The congressman did not see threats to economic stability and national security in the latest warnings.
“This is a new technology, and it will develop. I would prefer it to develop here, in the United States,” said the politician.
Budd noted the need for clear regulation and rules, emphasising consumer protection.
Earlier, Democratic Senator Elizabeth Warren called cryptocurrencies ‘a lousy investment’ and said they facilitate illicit activity. She urged U.S. Treasury Secretary Janet Yellen to tighten regulation of digital assets in the country.
In July, the head of the SEC Gary Gensler called for expanding investor-protection rules on Bitcoin exchanges. Previously, the official asked Congress to bring clarity to the regulation of these platforms.
As noted earlier, former broker Jordan Belfort, better known as the ‘Wolf of Wall Street’, said that the introduction of regulatory rules would raise the appeal of cryptocurrencies for institutional investors.
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