Representatives from both the U.S. legislators and administration officials expressed urgency Tuesday around providing clarity to the digital asset or blockchain industry during Axios’ “Crypto and the Investing Space” event. Why it matters: If the rules in an industry are fuzzy, the bad actors are fuzzy, too. Driving the news: “I’d wave a magic wand tomorrow and start defining some of these things,” Rep. Darren Soto (D-Fla.) said Tuesday morning.
State of play: At the top level, entrepreneurs in the cryptocurrency industry and their billionaire backers have long complained that they don’t have any idea what is or isn’t against the rules in the U.S.
At both levels, people are calling for government leaders to catch up. Zooming out: The big question facing governments right now is this: are the rules that already exist for investors adequate to the task of managing cryptocurrency markets? Or should lawmakers and regulators start fresh?
What they’re saying: Soto, who co-chairs the Congressional Blockchain Caucus, said he would “start defining” terms relevant to the cryptocurrency industry.
Soto appeared to express frustration at the pace of legislation, expressing regret that most of his colleagues want to get the administration’s take on these questions before writing new laws.
Soto declined to specifically endorse the recent legislation from Senators Lummis and Gillibrand, but he did note, “We definitely agree that the SEC jurisdiction should be narrowly defined.” Yes, but: Goldsmith-Romero described the task of those working under existing legislative authority now — the agencies — as attempting to see what’s ahead. “I think we’re looking into the future and asking where we should build the road,” she said. But they are doing so blind, she complained.
Nevertheless, she said, the CFTC has taken something like 50 actions in the space and also enabled 11 crypto-focused products to trade in the markets it regulates, under its mandate to enable responsible innovation. The bottom line: “If regulation fails to keep pace with technology, the most vulnerable people are going to be hurt,” Goldsmith-Romero said. Via https://duchonsigns.wordpress.com/2022/07/30/urgency-builds-around-cryptos-regulatory-clarity-in-the-u-s/
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