Regulation Race Won’t Solve Crypto Fraud Says US Congressman

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Regulation Race Won't Solve Crypto Fraud Says US Congressman

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North Carolinian Congressman Patrick McHenry has commented recently that the race to pass legislation for the cryptocurrency industry is simply an example of policymakers doing “something” rather than “nothing.”

Mc Henry, an outspoken member of the North Carolina House of Representatives, commented to CoinDesk on Tuesday, suggesting that the cryptocurrency space was being subjected to “the hype of Bitcoin” and “irrational hysteria”. He went on to argue that attempts by Congress and Policymakers to find solutions to existing issues rapidly are not the solution. He suggested that existing laws should be applied to the current technology:

“I think we need to take a comprehensive look at the ways this emerging technology already fits within our regulatory structure that exists today before we look at new regulations or new laws that might be needed,”

California Republican Brad Sherman’s labelling of cryptocurrencies as “a crock” at a recent ICO hearing has been countered by more positive voices who argue that any attempt to smother the cryptocurrency ecosystem is a mistake. Mc Henry has called for laws which protect users, but encourage further blockchain development, pointing out, “I think there’s such a great opportunity around this technology that I think we have to be open to it and we have to have federal regulation and law that respects it..”

The congressman suggests that the race to regulate is not the answer to fraud and “bad actors” as the current regulatory process is working.  He argued that Congress should be focussing on learning about cryptocurrencies and blockchain and their uses, and particularly how blockchain technology is applied to crowd-funding and payments.

The 2018 Joint Economic Report published by the US Congress in April expressed largely positive comments about the future of fintech and cryptocurrency. This year included a section dedicated to cryptocurrencies and the blockchain technology

“Policymakers, regulators, and entrepreneurs should continue to work together to ensure developers can deploy these new blockchain technologies quickly and in a manner that protects Americans from fraud, theft, and abuse, while ensuring compliance with relevant regulations.”

The report also suggested that Congress should consider, and examine, new uses for this technology at all levels.  source.Kahll H


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