US Senior Democrat Raises Concerns on Tougher Crypto Rules

Time Stamp: March 7, 2022 5:02 PM
Source Node: 1622493

Ron Wyden, a US Democrat Senator from Oregon and one of the most influential members of Congress in the country, has warned that a tough stance on cryptos could be unhealthy for the booming industry.

The congressman asked his colleagues to protect crypto innovators despite accusations of the industry being friendly with money laundering and fraud.

“There is obviously a debate [about stricter  regulation  ], but I want to be on the side of the innovator. When I think about crypto, I think about remittances, or somebody who has a kid 1,000 miles away and wants to get them help in an emergency, rather than going through scores of banks, credit card companies,” Rep. Wyden told the Financial Times in an interview.

He added that he strives for innovations and will always be on that side. “That’s where my heart lies,” Wyden commented. The Senator is currently the chair of the Senate finance committee and one of the proponents of the US internet regulation.

Last year, Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), recently expressed his views about Bitcoin and other cryptocurrency assets in a discussion with the House Committee on Financial Services. Gensler stated that the US will not completely follow China’s lead in banning  cryptocurrencies  .

He pointed out at that time that any decision regarding a crypto ban would be up to Congress. “Our approach is really quite different,” Gensler said in the latest discussion.

China Crypto Crackdown

In 2021, China imposed a ban on all crypto-related activities, including mining. However, despite the reason that the US cryptocurrency ecosystem is still uncertain about the potential regulations in the region, the overall adoption has increased sharply in the last few months.

Four of Wyden’s colleagues recently wrote to Janet Yellen, US Treasury Secretary, expressing their concerns about cryptocurrencies being used to bypass international sanctions.

Ron Wyden, a US Democrat Senator from Oregon and one of the most influential members of Congress in the country, has warned that a tough stance on cryptos could be unhealthy for the booming industry.

The congressman asked his colleagues to protect crypto innovators despite accusations of the industry being friendly with money laundering and fraud.

“There is obviously a debate [about stricter  regulation  ], but I want to be on the side of the innovator. When I think about crypto, I think about remittances, or somebody who has a kid 1,000 miles away and wants to get them help in an emergency, rather than going through scores of banks, credit card companies,” Rep. Wyden told the Financial Times in an interview.

He added that he strives for innovations and will always be on that side. “That’s where my heart lies,” Wyden commented. The Senator is currently the chair of the Senate finance committee and one of the proponents of the US internet regulation.

Last year, Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), recently expressed his views about Bitcoin and other cryptocurrency assets in a discussion with the House Committee on Financial Services. Gensler stated that the US will not completely follow China’s lead in banning  cryptocurrencies  .

He pointed out at that time that any decision regarding a crypto ban would be up to Congress. “Our approach is really quite different,” Gensler said in the latest discussion.

China Crypto Crackdown

In 2021, China imposed a ban on all crypto-related activities, including mining. However, despite the reason that the US cryptocurrency ecosystem is still uncertain about the potential regulations in the region, the overall adoption has increased sharply in the last few months.

Four of Wyden’s colleagues recently wrote to Janet Yellen, US Treasury Secretary, expressing their concerns about cryptocurrencies being used to bypass international sanctions.

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