New Jersey Rep. Josh Gottimer said U.S. lawmakers should pass legislation that would clarify the role of regulators on cryptocurrencies, urging companies to risk doing business abroad. I said yes.
After a roundtable discussion with Commodity Futures Trading Commission Chairman Rostin Behnam and many industry leaders on September 27, Gottheimer said: Said Some of the crypto bills proposed by the U.S. House of Representatives and Senators were building blocks aimed at achieving regulatory clarity. Gottheimer said he was bullish about the Digital Goods Consumer Protection Act, but suggested that the bill, which aims to strengthen the CFTCs authority over crypto spot markets, is not the only legislative path. did.
As long as it provides the regulatory certainty that space needs to be provided to prevent losing businesses, startups and entrepreneurs interested in flagging here and growing here, I am willing to do whatever it takes. We are also very open to solutions, said Gottheimer. “Whether it’s the Stabenow bill or any other bill, Lumis and the other bills, [and the bill] They’re working on the House Financial Services Committee, but it’s not as important as actually providing clear guidance and guardrails.
he added:
Time is not on our side. We must move, choose our regulators and give the market the certainty and guardrails it deserves. […] For me, the risk of doing nothing is a big risk.
Gottheimer, a member of the House Financial Services Committee, introduced the Stablecoin Innovation and Protection Act in February. This is a law intended by the U.S. Federal Deposit Insurance Corporation to insure stablecoins in a manner similar to fiat currency deposits. But the larger question of whether the majority of cryptocurrencies and stablecoins fall within the purview of the CFTC or the Securities and Exchange Commission appears to be looming over many lawmakers.
Related: Industry Officials Propose Improvements to Stabenow-Boozman Crypto Regulation Bill
Senate Agriculture Committee Chairman Debbie Stabenow and ranking member John Boozman introduced the Digital Goods Consumer Protection Act in August. In June, Senators Cynthia Ramis and Senators Kirsten Gillibrand clarified the roles of the CFTC and SEC with respect to cryptocurrencies, as well as regulating stablecoins, banking, taxation of digital assets, and interagency I supported the Responsible Financial Innovation Act, a bill that includes an adjustment. Many lawmakers and crypto industry insiders have criticized the SEC for taking a regulation by enforcement approach to cryptocurrencies.
I think there will be great harmonization between all these regulatory bodies, Gottheimer said. “Obviously, there is work to be done in Congress to provide some of that guidance and direction.”