US regulators should give Bitcoin some air to breathe

The voices of a growing number of influential politicians and innovators are proclaiming louder the importance of maintaining the United States’ alleged lead in the cryptocurrency industry.

“The US cannot afford to lose its place as the leader in crypto.”

The importance of maintaining technological supremacy in the world is becoming increasingly important. In the United States, defenders of innovation and job creation are pushing for a respite for Bitcoin (BTC) and other cryptocurrencies.

In this regard, Thomas W. Hodge, Senior Associate Attorney at Brock & Scott PLLC and founder of Crypto and Policy, argues that the US has always encouraged the growth of new technologies that hit the market. “We encourage growth rather than stifle it with onerous regulations,” he said, adding:

Today there are many new technologies on the horizon: artificial intelligence, autonomous vehicles and above all cryptocurrencies and blockchain technology that will change the way we live – from banking to voting […] Put simply, the United States cannot afford to lose its place as the front runner in cryptography.

To this end, Hodge and Congressman for Minnesota, Tom Emmer, asks not to suppress competition in the free market and to instruct state regulators to create transparency about their regulatory intentions.

America’s tech companies are key job creators who lead the country in innovation. The suppression of competition in the free market is the wrong approach to growing our economy. Don’t let @ewarren #BreakTheEconomy

– Tom Emmer (@RepTomEmmer) March 8, 2019

Hodge is hoping for renewed leadership in the Congressional Blockchain Caucus and changes in the US Securities Exchange Commission (SEC). According to Hodge, these developments will encourage cryptocurrency companies to “continue to innovate in” fintech “around the world.”

“The SEC must open its doors to innovation”

At the SEC, key officials are working to improve the way it treats crypto technologies. For some time now, Commissioner Hester Peirce has proposed opening the SEC to innovation and free enterprise. She complains:

[W]We regulate an industry that is a key pillar of progress and productivity in the rest of the economy.

In particular, Pierce calls for an innovative and improved legal framework that is more adaptable to the cryptocurrency industry.

As the 2020 US presidential election approaches, crypto enthusiasts are eager to find Bitcoin-friendly candidates and know how their policies will fuel innovation and entrepreneurship.

One candidate has already announced that he will accept campaign donations in cryptocurrencies. Andrew Yang is a presidential candidate and proponent of a universal basic income. He recently announced that he is accepting donations in Bitcoin, Ethereum and any other cryptocurrency that conforms to the ERC20 standard, as well as Venmo payments.

Do you think the U.S. government should encourage the growth of the crypto industry in order to maintain technological supremacy? Don’t hesitate to let us know in the comments below!

Images courtesy of Twitter / @ RepTomEmmer, Shutterstock.

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