Technology

In Congress, Crypto Giants Say They Are Open To Regulation

Several have warned that the United States is lagging behind other countries in cryptocurrency development. (Photo: 123RF)

Washington – Representatives of the main cryptocurrency players said they were open on Wednesday to strengthen the regulation of this universe during their hearing before US parliamentarians.

During this hearing before the Financial Services Committee of the House of Representatives, the first of its kind before US parliamentarians, several leaders highlighted that they were already controlled by one or another US financial regulator.

The FTX platform, for example, is already under the authority of the CFTC, the financial derivatives police in the United States, for some of its products, explained its founder and managing director Samuel Bankman-Fried, as well as Coinbase, another major. player on cryptocurrency exchanges.

The CEO of Circle, issuer of USDC, a stablecoin whose price is in constant parity with the dollar, recalled that his group was going to apply for a banking license, which would also present it to banking regulators. FDIC and OCC.

For Alesia Haas, CEO of Coinbase, the US government should establish a specific regulatory framework “that takes into account the unique technological innovations on which cryptocurrencies are built.”

The application of these new texts should be entrusted to a single regulator, in particular “to ensure that the holders of these digital currencies are protected,” he added.

To (re) read: the keys to cryptocurrencies

“If you come up with different regulatory structures for bitcoin, bitcoin derivatives, Ethereum (another cryptocurrency), etc., it makes everything riskier, more difficult and more difficult for the user to access,” according to Samuel Bankman-Fried. .

Several elected Republicans, including commission leader Patrick McHenry, have openly warned against excessive tightening, they say, of the regulation to which cryptocurrencies are subject.

“My fear is that some of my Democratic colleagues are already convinced and are preparing to present texts that will stifle innovation,” said the Congressman for North Carolina.

“Unfortunately, it would only take one lopsided coup from Washington to undo the progress it has set in motion,” said Roger Williams, Republican-elect of Texas.

On the Democratic side, these statements did not elicit comment from elected officials, although some asked about risk management and the use of cryptocurrencies to conduct illegal transactions or transfer proceeds of crime.

Several Republican members and some leaders interviewed warned that the United States was lagging behind other countries in cryptocurrency development.

“It is strange that we are the last country that has not figured out” how to define a framework for cryptocurrencies, argued Brian Brooks, chief executive of Bitfury, a technology group involved in blockchain and bitcoin.

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