Give us some clarity on cryptocurrency and blockchain regulation or watch innovative companies leave the U.S., 50 or so executives from the cryptocurrency industry, Wall Street and venture capital firms warned U.S. lawmakers.
Rep. Warren Davidson, R-Ohio, who had called for this powwow with the crypto world back in August, was among those getting an earful from Coinbase, Kraken, Nasdaq, Andreessen Horowitz and the U.S. Chamber of Commerce, among others. They warned that without a better idea of what’s legal when it comes to the digital world, the U.S. will lose potentially profitable blockchain businesses to nations that are more industry friendly.
“The competition around the world is real. But there’s still time and opportunity for the U.S. to be a leader here,” Joyce Lai, a lawyer at blockchain software technology company ConsenSys, said, according to CNBC.
Reps. Ted Budd, R-N.C., and Darren Soto, D-Fla., were among the congressional representatives attending the hearing. So was Tom Emmer, R-Minn., who said earlier this week he would introduce three crypto industry-friendly bills. Read more here.