In the U.S. Congress discussion of the regulation of cryptocurrencies and ICO

In the framework of the hearing held yesterday members of Congress were expressed sharply divergent views on the regulation of cryptocurrency and ICO.

Member of the U.S. house of representatives Randy Hultgren (Randy Hultgren) from Illinois during a hearing of the Committee on securities investment, said that the regulation of cryptocurrencies should be careful not to interfere with the development of the industry.

«Congress must ensure that investors are protected, with not much preventing the growth of a developing industry.»

Another member of the hearings called cryptocurrency «nonsense», while a member of the house of representatives Tom Emmer (Tom Emmer), remarked that they represent «a huge topic that cannot be discussed in five minutes.» However, ultimately many of the participants expressed willingness to find a balance between supervision and the implementation of technological innovation.

Many of the questions focused on the regulation that exists in USA today – some members of Congress noted that industry regulation should be through legislation. Member, house of representatives, Maloney has said that she is working on a bill for control over the cryptocurrency, which will also include exchanges offering trading services for digital assets. A member of the lower house bill Huizenga (Bill Huizenga) from Michigan, has also announced its intention to work on legislative regulation of the industry.

The interests of voters

A member of the house of representatives Keith Ellison (Keith Ellison) from Minnesota said that the topic of cryptocurrencies is not just up for his constituents:

«In my meetings with voters over the past few months, many of them asked: «And what about cryptocurrencies? Should I invest?», he said. «And I thought that if someone wants to invest in this industry, what knowledge should have the unsophisticated investor?».

Allison raised the issue of the need to develop parameters for evaluation of investments in cryptocurrency and ICO, which will help ordinary people to invest in the cryptocurrency industry, severely lowering the risk of loss.

Less is more

A member of the lower house Tom Emmer (Tom Emmer), which is part of the Congressional Future Caucus, noted that «Democrats and Republicans must evaluate» the potential of blockchain from the point of view of open access to capital. He took a more balanced position on the question of regulation of the industry, noting:

«I understand that there should be some regulation, but it is necessary to maintain the balance, said Emmer. «And I heard from the participants that we have certain rules, we just need to clarify them».

Despite the fact that the participants spoke about the regulation of cryptocurrency and ICO is quite controversial, most of them are obviously leaning towards a balanced approach in this area. A member of the house of representatives Ted Budd (Budd Ted), said:

«Regulation in this area, should strive towards the United States. Because ill-conceived or hasty decisions threaten our reputation in the field of Finance and technology.»

Despite the lack of unanimity among the politicians, their desire not to hurry with the development of regulation and to adhere to a balanced approach that not only protects investors, but also support innovation, encouraging. Perhaps a careful study of the question will help you to avoid another misunderstanding like Regulations, which recently offered
to review, after almost three years after creation.

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