• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
Advertisement
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

Former Congressman says the U.S needs to step up on crypto before its too late

October 19, 2021
in Regulations
Reading Time: 3 mins read
A A
0
Former Congressman says the U.S needs to step up on crypto before its too late
0
SHARES
19
VIEWS
ShareShareShareShareShare
Bybit Welcome Bonus: Up to $600 in Rewards

Former Republican Congressman George Nethercutt Jr. lashes out at the current U.S administration over its dealings with the crypto sector.

In an opinion piece published by independent political news site The Hill, Nethercutt Jr. highlights the deliberate shunning of cryptocurrencies. Saying that, in doing so, the U.S effectively gives up its chance of becoming the global leader in this space.

He further adds the upshot to this is the loss of economic and technological advantage, which makes no sense considering the growing consensus that crypto “is here to stay.”

“They are instead leading a closed-door effort with the Biden-appointed heads of financial regulatory agencies to draft recommendations on how the administration should crack down on digital assets.”

Considering recent events, especially the SEC’s dealings with Ripple, is it time to admit the U.S is intentionally ruining crypto?

What did Nethercutt Jr. say?

In trying to explain the situation, Nethercutt Jr. said “the bureaucrats” are misguided in their attempts to prevent a financial meltdown, as seen in 2008.

“Cryptocurrencies are being wrongly posited as the new sub-prime mortgage “toxic asset,” as if this innovation is some sinister invention by Wall Street to bilk the public.”

The net result of this is a “heavy-handed” approach to regulation. And, as he sees it, this will only drive U.S firms abroad to more crypto-friendly jurisdictions.

Nethercutt Jr. expressed frustration that top U.S crypto firms have been doing their utmost to work with regulators to guard against fraud and criminality. While also trying to engage in fostering transparency and bringing about regulatory clarity. But the response has been to sue, subpoena, and malign these firms.

What’s more, this is a cross-party issue, with the previous Republican administration also somewhat hostile to the digital currency sector. However, as Nethercutt Jr. points out, it appears as though the Democrats are doubling down on this stance.

If only…

In rounding off his piece, Nethercutt Jr. said if the federal government were more open to crypto, in the same way as it was with the internet in 1997, the result would be “a U.S.-led global economic revolution.”

Instead, under the Biden administration, crypto regulation is headed in the wrong direction and needs Congress to step in to safeguard the future of American innovation and economic interest.

“The administration’s way forward indicates that it will maintain the status quo that has jeopardized the future of our domestic crypto industry, so the Legislative Branch must assert itself and defend the economic interests of the next generation of American consumers and businesses.”

If not, doing crypto business in the U.S will become impossible to justify.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Bybit Welcome Bonus: Up to $600 in Rewards

Like what you see? Subscribe for updates.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Stock futures drift as investor await earnings

Next Post

DraftKings Becomes Full Validator On Polygon After Strategic Agreement

Related Posts

Coinbase moves to on-chain staking for Tezos, Cosmos, Solana, and Cardano
Regulations

Coinbase moves to on-chain staking for Tezos, Cosmos, Solana, and Cardano

March 24, 2023
3
Polygon, ex-Meta executives defend Coinbase following SEC Wells notice
Regulations

Polygon, ex-Meta executives defend Coinbase following SEC Wells notice

March 24, 2023
4
Coinbase’s Brian Armstrong criticizes US crypto regulation, SEC behavior in Twitter Space
Regulations

Coinbase’s Brian Armstrong criticizes US crypto regulation, SEC behavior in Twitter Space

March 24, 2023
3
Congressman Emmer introduces bill providing ‘safe harbor’ to miners, developers and wallets
Regulations

Congressman Emmer introduces bill providing ‘safe harbor’ to miners, developers and wallets

March 24, 2023
2
Circle CEO says ‘aggressive regulatory actions’ on crypto caused ‘deep market anxiety’
Regulations

Circle CEO says ‘aggressive regulatory actions’ on crypto caused ‘deep market anxiety’

March 24, 2023
3
Next Post
DraftKings Becomes Full Validator On Polygon After Strategic Agreement

DraftKings Becomes Full Validator On Polygon After Strategic Agreement

Recommended

Uniswap Hits ATH of Almost $12B in Trading Volume Amidst USDC Crisis

Uniswap Hits ATH of Almost $12B in Trading Volume Amidst USDC Crisis

March 14, 2023
4
The Blame Game: When Will Commercial Airlines get their Act Together? 

The Blame Game: When Will Commercial Airlines get their Act Together? 

March 2, 2023
4
Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both…

Bloxmith Launches Raiders Rumble, A Mobile Strategy Game for Both…

March 13, 2023
5
Venezuela, Colombia Open Binational Bridge to Boost Trade

CPC Logistics’ Leanne Drummond Named Top Woman to Watch in Transportation

March 15, 2023
4
Dow Jones, the S&P 500, and Nasdaq ahead of U.S. job report

brief pullback expected but still in control

March 10, 2023
3
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • What did Janet Yellen say to confuse investors?
  • ‘wow, is that a scam’
  • Coinbase moves to on-chain staking for Tezos, Cosmos, Solana, and Cardano

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?