Former U.S. Congress calls for “smart” federal cryptocurrency regulation

Former Democratic congressman Harold Ford Jr. called on the US government to “reasonably” regulate cryptocurrencies at the federal level.

“Congress’s attention to this issue is justified, so lawmakers need to develop reasonable regulatory standards. But it’s worth separating the wheat grains of cryptocurrencies from the chaff of Facebook, ”said Ford Jr.

The former congressman also called on US regulatory agencies, including the Securities and Exchange Commission (SEC), to participate in the development of regulatory standards. He stressed that it is the SEC that can lead the regulation of the cryptocurrency industry, the norms of which will help the development of the sphere, but will not impede it.

The lack of regulation makes various cryptocurrency companies migrate from the United States to other countries, such as Malta, Harold Ford Jr. believes. And this is wrong, regulators should contribute to the emergence and development of such companies.

Despite the fact that Bitcoin has existed for more than ten years, in the United States there is still no certainty about which class of assets it belongs to and how to regulate it.

Financial Integrity Network (FIN) consulting company recently proposed
The US Congress will create a new class of financial institutions that will be governed by the Bank Secrecy Act.