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The Security and Exchange Commission (SEC) & Top Crypto CEO Seeks More US Regulation of Industry for dedicated crypto and blockchain policy. There are two sides of the coin when it comes to the cryptocurrency industry. Industry advocates insist this is the future behind blockchain technology. Industry critics have yet to grasp the concept of a digital currency as a tangible means of commerce. You could probably add a third side to the coin. US consumers that know little if anything about cryptos in general.
Regulation of this industry remains a hot topic. This is especially true when it comes to a government regulatory body such as the Security and Exchange Commission (SEC) . In a recent post on www.cointelegraph.com, one prominent crypto CEO stated his case for more regulation.
Jeremy Allaire is the CEO of Circle. This is a leading cryptocurrency trading and investment firm. In a recent interview with Bloomberg, he relayed his thoughts on increased US regulations. The primary purpose is to keep more companies from moving their base of operation overseas.
He pointed out the current tendency for ‘crypto market participants’ to move abroad. This should be a motivating factor for increased regulatory policy in Washington DC. His comments followed suit with his recent testimony on dedicated crypto and blockchain policy. This was the latest in a series of sessions on the matter conducted by US lawmakers.
Allaire was quoted as follows:
“The increase in proliferation of digital asset projects outside the US, the movement of companies to leave the US and projects to get started outside the US is definitely getting people’s attention.”
“I think it is ultimately going to lead to, ultimately legislative initiatives to try and ensure that there are appropriate safeguards and investor protections but also clarity. Which is much needed to allow the technology and industry to flourish.”
Cointelegraph added that these recent hearings in DC have garnered a wide range of reactions. This ranges from acknowledgment of Bitcoin (BTC) to the other extreme that cryptos fund global terrorism.
Senate Banking Committee chairman Michael Crapo added his thoughts in one of this week’s hearings. He suggested that it would be impossible for the US government to outright ban decentralized cryptocurrencies in the marketplace.
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