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| comment | | "parent_author":"",<br>"parent_permlink":"cryptocurrency",<br>"author":"linkrz",<br>"permlink":"california-congressman-doesn-t-like-crypto-who-are-his-donors",<br>"title":"California Congressman Doesn\u2019t Like Crypto: Who Are His Donors?",<br>"body":"Representative Brad Sherman's biggest contributors are in... finance and securities.\n\nA Congressional hearing held today conducted an overview of the cryptocurrency and ICO markets. It looked at rapid recent growth,<br> the potential opportunities for raising capital that cryptocurrencies and ICOs could offer to businesses and investors,<br> and how investors could be protected by ensuring adherence to applicable laws.\n\nIt also considered a regulatory approach,<br> looking at the current stance of the Securities and Exchange Commission and how it might move forward.\n\nThere were four witnesses in attendance,<br> each with a wealth of legal expertise: Mike Lempres,<br> chief legal and risk officer at Coinbase; Chris Brummer,<br> professor of law at Georgetown University; Peter Van Valkenburgh,<br> from advocacy group Coin Center; and Robert Rosenblum,<br> a partner at Wilson Sonsini Goodrich and Rosati,<br> a firm that specializes in business,<br> securities,<br> and intellectual property law.\n\nThe main question explored was if a new scheme to regulate cryptocurrency is really necessary,<br> and if cryptocurrencies can be properly regulated under existing laws. This prompted discussion over how exactly cryptocurrencies can be categorised,<br> and if the definitions of existing financial instruments can be made applicable.\n\nThe potential downside of regulation was also explored,<br> with Coinbase chief legal officer Mike Lempres suggesting that the SEC need to work with the CFTC in order to reach consensus on a clear definition of what cryptocurrency is,<br> before regulation can be established. This would avoid legal missteps that could unintentionally damage or limit the advantages of cryptocurrency,<br> and is necessary in order to create an environment that gives clear direction to startups wanting to operate in the space. Lempres suggested this lack of clarity on regulation had also contributed to Coinbase\u2019s unwillingness to list new tokens.\n\nSome of the strongest criticism came from California Representative Brad Sherman,<br> who questioned the social benefit:\n\u201cCryptocurrencies are a crock [\u2026 They help criminals and terrorists [\u2026 they help startups perpetrate fraud [\u2026 undermine the dollar,<br> encourage gambling for no social benefit [.. and are popular with guys who want to sit on their couch and tell their wives they are going to be millionaires.\u201d\n\nAccording to OpenSecrets,<br> Brad Sherman raised $61,<br>700 from the securities and investment industries in 2017-2018,<br> while credit unions opted to offer him another $22,<br>000. Money from the real estate,<br> accounting,<br> and insurance industries rounded out his top five donation sources by industry. In 2016,<br> Sherman was funded by $133,<br>525 from the investment and securities industry.\n\nMr. Sherman is up for re-election in 2018.\n\nDespite this outlandish attack,<br> there was a general tone of encouragement and unwillingness to stifle development in the space. Mr. Emmer,<br> the Minnesota Representative,<br> was particularly profuse in his support.\n\nHe expressing the need for elected officials to educate themselves on cryptocurrency,<br> and that rushing in with a \u201cwet blanket\u201d of regulation could be stifling to development. He supported this by citing the wide applications of blockchain technology,<br> mentioning specifically using blockchain to provide banking to the unbanked,<br> which he stated is something that \u201ccongress should be celebrating\u201d rather than \u201cintroducing a new policeman to invade the space and frustrate the development\u201d.\n\nThe hearing was on the whole balanced,<br> with members voicing equal amounts of both support and criticism. Emphasis was placed on the crucial need for education and understanding,<br> before a route forward is chosen.\n\nhttps:\/\/cryptobriefing.com\/california-congressman-doesnt-like-crypto\/",<br>"json_metadata":" \"tags\":[\"cryptocurrency\",<br>\"crypto\",<br>\"altcoin\",<br>\"blockchain\",<br>\"bitcoin\" ,<br>\"links\":[\"https:\/\/cryptobriefing.com\/california-congressman-doesnt-like-crypto\/\" ,<br>\"app\":\"steemit\/0.1\",<br>\"format\":\"markdown\" " | | comment_options | "author":"linkrz",
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