• The article discusses the split between lawmakers in regards to cryptocurrency regulation.
• Democrats like Stephen F. Lynch and Maxine Waters believe that sufficient regulations are already in place for crypto, while Republicans such as French Hill and Patrick McHenry think additional laws need to be created.
• Both sides agree that the SEC and CFTC are at odds with each other regarding who should have jurisdiction over which area of the crypto space, creating an “impossible situation” for businesses.
Split Views on Crypto Regulation
The House of Representatives is divided when it comes to cryptocurrency regulation, with some calling for stricter laws while others believe sufficient statutes are already in place. Democrats like Stephen F. Lynch and Maxine Waters think existing regulations are enough, while Republicans such as French Hill and Patrick McHenry argue additional rules need to be established.
The SEC and CFTC have conflicting views on who should regulate what areas of the crypto space, creating an “impossible situation” according to French Hill. This means entrepreneurs, developers and job creators may be forced to leave the US due to lack of legal clarity or protection from enforcement actions from different agencies.
Patrick McHenry points out that consumer protections are lacking in this area due to this conflict between regulators, so they must take responsibility for protecting their constituents by implementing proper regulations rather than relying on enforcement alone.
Democrats Against Strict Regulations
Democrats like Maxine Waters think there is no need for special frameworks when it comes to crypto since effective regulatory regimes already exist. Stephen F. Lynch emphasizes that extra laws could put unnecessary strain on businesses without providing any real benefit or protection for customers or investors in the long run.
Republicans Proposed Solutions
Meanwhile, Republicans such as French Hill suggest lawmakers create legislation outlining which federal agencies should control which areas of the crypto industry in order to provide clarity and stability going forward. This would ensure entrepreneurs don’t have to face conflicts between multiple government bodies any longer as well as giving consumers increased assurance of safety when dealing with cryptocurrencies or digital assets.