Former US Congressman George Nethercutt, a backer of cryptocurrencies, has criticized the current approach of the government on the matter and has said that it is damaging progress and innovation of this vital sector.
Nethercutt is a Republican who served as a representative from his home state of Washington for ten years since 1995. He is the founder and chairman of Nethercutt Consulting LLC and of his nonprofit, the Nethercutt Civics Foundation.
Criticizing the current approach of the government on the matter, Nethercutt wrote in a recent Op-ed for his non-profit foundation:
“While diplomats at the State Department are negotiating hard to pave the way for American innovation, US regulators such as the Securities and Exchange Commission (SEC) have been slow to make pronouncements regarding cryptocurrencies… This has hampered innovation and left many American businesses in regulatory limbo, particularly with respect to whether or not their tokens are classified as securities.”
While the SEC has been criticized by a number of past and current serving congressmen, it is clear that the regulator’s approach is unpopular among many sections of the public outside the cryptocurrency fraternity as well.
There is also considerable confusion regarding the jurisdiction of the SEC along with the Commodities and Futures Trading Commission (CFTC) as both regulators differ on key aspects of regulating the industry.
For Nethercutt, the outdated SEC laws dating back from as early as 1930s are not compatible with modern cryptocurrencies. He wrote: “From a legal perspective, experts have concluded that securities regulations simply do not apply to cryptocurrencies.”
It remains to be seen what influence Nethercutt may have on the government.
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