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| comment | | "parent_author":"",<br>"parent_permlink":"cryptocurrency",<br>"author":"davidlanz",<br>"permlink":"us-congress-debates-icos-cryptocurrency-regulation-in-house-subcommittee-hearing",<br>"title":"US Congress Debates ICOs,<br> Cryptocurrency Regulation in House Subcommittee Hearing",<br>"body":"<p><img src=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2016\/03\/US-Congress-Capitol-B-760x400.jpg\"><\/p><div class=\"entry-content\">\n<div class=\"post-thumbnail\">\n<a href=\"https:\/\/www.ccn.com\/us-congress-debates-icos-cryptocurrency-regulation-in-house-subommittee-hearing\/\" title=\"US Congress Debates ICOs,<br> Cryptocurrency Regulation in House Subcommittee Hearing\">\n<img alt=\"blockchain\" class=\"attachment-large-thumb size-large-thumb wp-post-image\" height=\"400\" src=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2016\/03\/US-Congress-Capitol-B-760x400.jpg\" width=\"760\"\/> <\/a>\n<\/div>\n<div class=\"content-ads\">\n<div class=\"widget text-12 widget_text\"><h6 class=\"widget-title font-weight-bold\">Advertisement<\/h6> <div class=\"textwidget\"><p><\/p>\n<div id=\"div-gpt-ad-1513203250972-0\" style=\"height:90px; width:728px;\">\n\n<\/div>\n<\/div>\n<\/div> <\/div>\n<em><a href=\"https:\/\/hacked.com\">Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.<\/a><\/em><br\/>\n<p>\u201cI believe this is probably hello,<br> not goodbye.\u201d<\/p>\n<p>Thus said Rep. Bill Huizenga (R-MI) as he adjourned Wednesday\u2019s US House Capital Markets,<br> Securities,<br> and Investment Subcommittee hearing,<br> which was devoted to discussing cryptocurrencies,<br> initial coin offerings (ICOs),<br> and whether the current regulatory framework adequately protects investors.<\/p>\n<p>Huizenga was speaking to a group of academics and cryptocurrency industry representatives who had testified before the subcommittee,<br> largely arguing that regulators need to clarify the legal status of cryptoassets to help entrepreneurs innovate while remaining compliant with federal rules.<\/p>\n<p>As was the case in a <a href=\"https:\/\/www.ccn.com\/sec-cftc-chairmen-stick-to-the-script-during-us-senate-hearing-on-cryptocurrency-regulations\/\">recent Senate hearing<\/a> on cryptocurrency regulation,<br> lawmakers conveyed varying opinions about the value of cryptocurrencies and blockchain technology.<\/p>\n<p>Some committee members harped on cryptocurrency\u2019s alleged association with terrorism. Rep. Brad Sherman (D-CA),<br> for instance,<br> called cryptocurrencies a \u201ccrock\u201d and expressed doubt that they can be used to accomplish any social good that cannot be achieved otherwise.<\/p>\n<blockquote><p>\u201cPerhaps we\u2019ll have another hearing after a major terrorist event\u201d is financed using cryptocurrency,<br>\u201d he quipped,<br> adding elsewhere that cryptocurrencies are only \u201cpopular with guys who want to sit in their pajamas and tell their wives they\u2019re going to be millionaires.\u201d<\/p><\/blockquote>\n<p>Others,<br> however,<br> lauded ICOs and other blockchain-related fintech advancements and cautioned that hasty or overbearing regulations could threaten the country\u2019s status as a fintech leader.<\/p>\n<blockquote><p>\u201cRegulation in this space is something that the U.S. has to get right,<br> because poor or rushed policy in cryptocurrencies really threatens our reputation in finance and technology,<br>\u201d said Rep. Ted Budd (R-NC).<\/p><\/blockquote>\n<p>Similarly,<br> Rep. Tom Emmer (R-MN) \u2014 a member of the cryptocurrency-friendly <a href=\"https:\/\/www.ccn.com\/congressional-blockchain-caucus-launches-washington\/\">Congressional Blockchain Caucus<\/a> \u2014 criticized politicians for calling for new regulations without taking the time to research and develop an adequate understanding of the technology.<\/p>\n<blockquote><p>\u201cI hear elected officials who don\u2019t have any concept of what we\u2019re dealing with here and how exciting it is talking about,<br> \u2018Oh my gosh,<br> we\u2019ve got to run in and regulate and create more government infrastructure,<br>\u2019\u201d commented Emmer,<br> adding that although there needs to be modest cryptocurrency regulation,<br> the access to capital that ICOs provide \u201cis something Democrats and Republicans should celebrate.\u201d<\/p><\/blockquote>\n<p>Overall though \u2014 as Huizenga remarked when he adjourned the meeting \u2014 this hearing largely served as a way to introduce lawmakers to the regulatory and operational climate in the nascent cryptcoasset space,<br> particularly in regard to ICOs. This is not,<br> one can be sure,<br> the last time Congress will find itself discussing cryptocurrency regulation.<\/p>\n<br<h2>Follow @davidlanz for real-time crypto news!<h2>",<br>"json_metadata":" \"app\": \"piston-lib\/0.5.7\" " |
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