Tech trade group calls for regulatory clarity, says crypto job losses threaten US interests
"It's time to move the crypto policy debate from "we need regulation" to "what are the impacts of specific regulatory proposals?" Chamber of Progress said.
New
Tech trade group Chamber of Progress has called on members of the US Senate and House of Representatives to clarify regulations in the area of crypto to prevent companies from leaving the country.
In a letter Wednesday to eight House and Senate committee chairs, House of Progress Financial Policy Director Janay Eyo urged Congress to consider moving forward on “ substantive legislation to secure the future of our country's crypto industry," citing concerns about jobs and the country's position as a leader in global finance. According to the trade group, government leaders, including those of the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Reserve and the Biden administration, have called on Congress to lead the establishment of a regulatory framework for digital assets.
“Without congressional action, the lack of clear rules and regulations has contributed to the current instability in crypto markets,” Chamber of Progress said. “Some of the failed companies have taken advantage of a lack of clear market regulation. Industry leaders have warned that smaller exchanges offering generous margin lending are quietly becoming insolvent.”
The group added:
“It is imperative that Congress act to ensure investor protection by establishing rules of conduct, which, in turn, would help weed out bad actors in the industry.”
For the crypto industry, the combination of an unclear regulatory environment and a slowing market has resulted in layoffs, bankruptcies and even the possibility of moving abroad. To save jobs in the United States, Congress must act.
Read our full letter here: https://t.co/FUaS28KJNf pic.twitter.com/tXzJMwZrpy
— Chamber of Progress (@ProgressChamber)
"It's time to move the crypto policy debate from "we need regulation" to "what are the impacts of specific regulatory proposals?" Chamber of Progress said.
New
Tech trade group Chamber of Progress has called on members of the US Senate and House of Representatives to clarify regulations in the area of crypto to prevent companies from leaving the country.
In a letter Wednesday to eight House and Senate committee chairs, House of Progress Financial Policy Director Janay Eyo urged Congress to consider moving forward on “ substantive legislation to secure the future of our country's crypto industry," citing concerns about jobs and the country's position as a leader in global finance. According to the trade group, government leaders, including those of the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Reserve and the Biden administration, have called on Congress to lead the establishment of a regulatory framework for digital assets.
“Without congressional action, the lack of clear rules and regulations has contributed to the current instability in crypto markets,” Chamber of Progress said. “Some of the failed companies have taken advantage of a lack of clear market regulation. Industry leaders have warned that smaller exchanges offering generous margin lending are quietly becoming insolvent.”
The group added:
“It is imperative that Congress act to ensure investor protection by establishing rules of conduct, which, in turn, would help weed out bad actors in the industry.”
For the crypto industry, the combination of an unclear regulatory environment and a slowing market has resulted in layoffs, bankruptcies and even the possibility of moving abroad. To save jobs in the United States, Congress must act.
Read our full letter here: https://t.co/FUaS28KJNf pic.twitter.com/tXzJMwZrpy
— Chamber of Progress (@ProgressChamber)What's Your Reaction?
