Bipartisan support for crypto is ‘broken’ – Congressman John Curtis
U.S. Congressman John Curtis of Utah took the stage at the Unlicensed III Forum with Utah Senator Mike Lee to discuss the future of digital property policy in the country.
When asked if bipartisan cooperation on Staff Accounting Bulletin-121 (SAB-121) — which dramatically restricts bank regulation — is coming back, the congressman said, “I think so, but it's very weak.”
“I think it's really important for all of you to push this issue in Washington — if it's a partisan issue, we're going to have a very, very difficult time. Anything that becomes a partisan struggle in Washington.
“So I think it's really important to find common ground with Democrats,” Curtis said, before noting that other lawmakers have had trouble understanding the complexities of cryptocurrencies in order to reach consensus on regulatory policy.
Curtis then called on industry experts to educate lawmakers and “carefully explain” the techniques behind the crypto industry to avoid fear of the unknown.
Congressman Curtis is seen at right; Senator Mike Lee sits in the middle. Source: Cointelegraph/Turner Wright.
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Senator Mike Lee weighs in.
Senator Mike Lee said the three worst things that could happen to cryptocurrencies are the U.S. Federal Reserve's creation of a central bank digital currency (CBCC) — a move that has been opposed by some states like North Carolina and Florida — by the federal government, and conflicting state-by-state laws. Rules.
Lee has made it clear that allowing governments to decide their crypto policies for the industry is “death by 50 cuts” and that digital assets are a new asset class.
“Cryptocurrency is not a security. Cryptocurrency is not a commodity. Cryptocurrency is used as an exchange,” the senator told the audience. “I don't think we should even tax the capital gains on the transfer,” Lee said.
The Utah senator concluded by stressing that in order for innovation to thrive in the crypto industry, the government must resist the temptation to regulate or stifle the nascent sector.
Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.
