- 4 members of the US Congress expresses concerns over plans of new stringent crypto regulations
- Says the new regulations would put America at a disadvantage
After reports emerged that Steve Mnuchin, the US Treasury Secretary was looking to enforce more stringent crypto regulations on the industry, four members of the US Congress have expressed their concerns over such development.
The Congressmen had written the Treasury Secretary an open letter in which they asked him to think twice before implementing such draconian measures on the crypto industry.
The four congressmen are: Warren Davidson, Tom Emmer, Ted Budd, and Scott Perry. According to them, enforcing such crypto regulations would put Americans at a disadvantage when compared to their counterparts in the world.
Senator Davidson said in a tweet that he was being “troubled” by the Secretary’s plan. He went on to advise the Secretary to reconsider these crypto regulations and instead, consult with the US Congress on a better line of action.
The Senator had earlier posted the letter on his Twitter account early in the week.
The Congressmen also highlighted how policing crypto use in the country could put the US in the same boat with China who, they claim, is using the digital Yuan to “surveil” transactions of citizens.
Coinbase CEO had earlier expressed strong reservations against the proposed crypto regulations
The US congressmen are not alone with their line of thought about the crypto regulations. The CEO of Coinbase, Brian Armstrong, had recently spoken against the new regulations.
According to Brian, the regulations would “kill” operations in the crypto industry.
It is worthy to note that the Secretary has just five weeks left in office. It is hoped that Secretary Mnuchin either listens to the voice of reasoning beckoning on him or he gives enough room for debate on how his proposed regulations would work.
