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Republican Congressman Patrick McHenry has approached his colleagues from the Financial Services Committee with a proposal to independently develop rules for regulating cryptocurrencies in the United States.
From a letter sent by a member of the House of Representatives to committee chairman Maxine Waters, it follows that parliamentarians should not cede decisions about crypto assets to regulators like the SEC and CFTC or the judiciary.
The congressman believes that the committee should itself classify digital assets and determine the rules that will govern their use:
“Crypto trading platforms in the US are not currently under the direct jurisdiction of the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). The Committee should consider whether it is necessary or appropriate to increase federal regulation of such venues.”
According to the representative of the Republican Party, cryptocurrencies open up great prospects for the country. Over the past few years, cutting-edge technology has helped move cryptocurrencies into the mainstream. Digital assets, according to McHenry, have the potential to close the wealth gap. Cryptocurrencies have the ability to revolutionize the payment system, the congressman is sure.
Interest from the Treasury Department and other federal agencies highlights the industry’s importance not only to the financial system, but to the economy as a whole, the congressman said. There should be a bipartisan consensus among American politicians regarding a political decision on such important issues as the regulation of crypto assets, the Republican is sure.
At the beginning of the year, McHenry proposed a bill to create a “safe harbor” for cryptocurrency startups. In September 2021, the U.S. House of Representatives included cryptocurrency in the annual defense budget bill. According to the document, the SEC and the CFTC should determine who will regulate the industry. In August, congressmen called on the SEC and CFTC to create a working group on cryptocurrencies.
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