• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
US Congress

Crypto Industry Leaders Warn US Congress Over Regulatory Uncertainty

Davit Babayan by Davit Babayan
5 years ago
in Cryptocurrency Technology
Reading Time: 2 mins read

Over 50 representatives from the crypto, Wall Street and venture capital firms traveled to Washington DC on Tuesday with a clear message for the US Congress: regulate or watch the innovation leave the country.

The US Will Be Left Behind

The message came clear during the “Legislating Certainty for Cryptocurrencies” event hosted by Rep. Warren Davidson, as the Ohio Republican prepares to introduce a crypto bill this fall. Over the course of the meet, experts from Nasdaq, Andreessen Horowitz, Fidelity, Coinbase, and the US Chamber of Commerce exhibited their dissatisfaction with the ways US regulators have handled crypto regulations so far.

The US Securities and Exchange Commission, in the absence of a concrete definition for cryptocurrencies, uses “Howey Test” to define them as securities. The test comes from a 1946 Supreme Court decision which interprets investment contracts as securities.  Crypto experts, however, believe that the law is too old to determine whether cryptocurrencies are securities or not. SEC Chairman Jay Clanton does not agree with the idea of updating old laws to cater to cryptocurrencies. Thus, the uncertainty remains.

Carla Carriveau, a former SEC executive, now working as senior regulatory counsel at crypto finance firm Circle, said that only the US Congress could make a real impact by initiating moves to change old standards. Then, it would be simpler for SEC to clarify existing laws and make exemptions or amendments for cryptocurrencies.

“Congress has to act because the SEC has said what they thought was right, and already what did what they thought they needed to do,” she asserted.

Muke Lempres, the chief of legal at one of the world’s leading crypto exchanges Coinbase, too maintained that digital currency firms like theirs want the same thing as regulators do: a fair and orderly market. “It doesn’t have to be done in the same way it was done in the past, and we need to be open to that,” he said.

Panelists also discussed how ICOs, especially the genuine ones, are finding it difficult to prove their compliance with the SEC since they offer “utility tokens.” They explained that utility tokens have a completely different use case as that of the security assets; which is why it would be reasonable for CFTC to regulate them not the SEC.

Otherwise, these companies would fly to crypto-friendly countries, costing the US talent and innovation both. The industry has already witnessed a mass exodus of companies from New York after the introduction of BitLicense, the local Bitcoin law.

“Foreign companies are able to outraise their US competitors and often whoever raises the most money is who wins,” reminded Jesse Powell, the CEO of the crypto exchange Kraken, to the US lawmakers.

Rep. Tom Emmer, Republican, Minnesota, who was also among the panelists, recognized that there is no time left to waste. Rep. Darren Soto, Democrat, Florida, agreed with his colleague and said:

“There needs to be some streamlining based on the definitions of digital assets.”

 

Image from Shutterstock
Tags: crypto innovationUS Congress
Tweet123Share196ShareSend
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Related Posts

The Edge and Beyond

The Edge and Beyond

8 months ago
Cardano

Cardano Drops To Lowest Level In Last 7 Days – ADA Bracing For Further Decline?

1 year ago
Bitcoin price

Bitcoin Price Has Strong Potential To Hit $25,000, Weekly Analysis Suggests

1 year ago
Intel old school chip

Intel Doubles Down On Chips, Enters $30 Billion Deal To Build New Factory

1 year ago
Stepn

Stepn GST Token Slides 97% – Despite Fitness App Having 3M Users

1 year ago
The Sandbox

The Sandbox (SAND) Blows Up 20% After Collab With Major Entertainment Firm

1 year ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • Explosive Growth for Cardano Expected by 2024; Whales Flock...

    9 hours ago
  • XRP Eyes Dethroning BNB From the 4th Position...

    10 hours ago
  • Coin Watch: $BTC’s Upside Target $40K, Downside...

    11 hours ago
  • As Bitcoin Rebounds, Here Are the Best Cryptos to Add to...

    1 day ago
  • Bitcoin’s $37K Stability Linked to High Accumulation...

    1 day ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.