Tag: Treasury

Waging War on Cryptocurrency Would Be a Mistake for Democrats

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By Former Rep. Albert Wynn (D-MD). November 30, 2021. (Bloomberg Law).

When innovation brings change to an industry, the government’s role is to observe first and then manage the change as necessary. The government should not be an obstacle to progress. The Democratic Party has long been a champion of inclusionary innovation, smoothing the disruption to families and workers while spreading the benefits as widely as possible throughout the economy.

I fear, however, that with the fintech revolution rising through decentralized finance and blockchain technology, some in our party are mobilizing for a war on cryptocurrencies that could be futile and economically costly to the country.

There is wide agreement that regulation is needed for digital assets. There must be strict protections against money laundering and fraud in coin offerings and the financial products emerging in this $2 trillion asset space.

Read the Full Article Here.

Congress needs to step up on crypto, or Biden might crush it

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By Former Rep. George Nethercutt (R-Wash.). October 16, 2021. (The Hill).

Recent developments both domestically and abroad have finally catalyzed the Biden administration to take the long-delayed step of engaging on the many regulatory issues surrounding cryptocurrencies and blockchain technology.

One of the most promising economic innovations since the internet, the market cap of cryptocurrencies is now over $2 trillion and there is a growing consensus that the technology is here to stay. What the industry needs — and the American economy would benefit from most — is a partner to help develop a comprehensive regulatory framework that would cement our country’s role as the leader in this emerging field.

Unfortunately, the Treasury Department has decided to eschew such collaboration and go in a different direction. They are instead leading a closed-door effort with the Biden-appointed heads of financial regulatory agencies to draft recommendations on how the administration should crack down on digital assets.

Read the Full Article Here.