Former Democratic Congressman Harold Ford Jr. called on the US government to “intelligently” regulate the cryptocurrency industry at the Federal level.
“The attention of Congress to this issue is justified, so lawmakers should develop reasonable regulations. But it’s worth separating the wheat grains of cryptocurrencies from the chaff of Facebook,” said Ford Jr.
The former Congressman also called on US regulatory agencies, including the securities and exchange Commission (SEC), to participate in the development of regulations. He stressed that it is the SEC that can lead the regulation of the cryptocurrency industry, the rules of which will help the development of the sphere, and will not hinder it.
The lack of regulation forces various cryptocurrency companies to migrate from the US to other countries, such as Malta, according to Harold Ford Jr. And this is wrong, regulators should promote the emergence and development of such companies.
Despite the fact that bitcoin has been around for more than a decade, there is still no certainty in the US about which asset class it belongs to and how to regulate it.
Recently, the Financial Integrity Network (FIN) consulting company offered
The US Congress will create a new class of financial institutions that will be regulated by the Bank secrecy act.