(Cointelegraph) Chief executive officers drawn from several crypto platforms in the US want the Congress to offer regulatory clarity in the industry rather than use knee-jerk reactions.
In a Congressional hearing before the House Committee on Financial Services, the CEOs say the regulators issue laws without understanding the industry, which could stifle innovation and disadvantage American competitiveness.
Paxos CEO Chad Cascarilla highlighted the benefits of crypto, including the settlement of trades on the same day and the elimination of expensive central clearinghouses.
Circle CEO Jeremy Allaire called for a national licensing and supervision of stablecoin issuers, saying they have grown too big to ignore — sentiments supported by Cascarilla.
Bitfury CEO Brian Brooks highlighted the risks the US faces as a result of uncontrolled regulation, saying that a number of companies such as Fidelity have moved to other countries where they find a friendly environment. He cites Portugal, Abu Dhabi, Dubai, and Singapore as some of the countries drawing talent from the US’s Silicon Valley.
The Carolina Congress representative Patrick McHenry said the crypto space is “already regulated,” although the existing framework is “clunky” and “not up to date.” He says a lack of understanding of crypto by the committee members could lead to the overregulation of the sector.
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