'Time is not on our side' to clarify crypto regulations, says US lawmaker

"We need to get moving, choose a regulator and give the market the certainty and safeguards it deserves," the rep said. of the Josh Gottheimer House.

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New Jersey Rep. Josh Gottheimer says U.S. lawmakers need to pass legislation clarifying the role of regulators vis-à-vis crypto or venture companies taking their operations overseas.

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Following a Sept. 27 roundtable with Commodity Futures Trading Commission Chairman Rostin Behnam and numerous industry leaders, Gottheimer said some of the crypto bills proposed by members of the US House of Representatives and Senate were "building blocks" aimed at achieving regulatory clarity. While saying he was "optimistic" about the crypto bill proposed by the House Financial Services Committee, he added that the proposed legislation was not the only way forward.

“I am very open to any solution as long as it provides some of the regulatory certainty we need to provide the space so that we stop losing companies, startups and entrepreneurs who want to plant a flag here and grow here," Gottheimer said. "Whether it's the Stabenow bill or other bills - Lummis and others, [and the bill] that they're working on within of the House Financial Services Committee - is less important than providing clear direction and safeguards."

He added:

"Time is not on our side. We have to move on, choose a regulator and give the market the certainty and the safeguards it deserves [...] the risk of doing nothing, for me , is a big risk."

Representative Josh Gottheimer and CFTC President Rostin Behnam at Ramapo College in New Jersey on September 27. Source: Facebook.

Gottheimer, a member of the House Financial Services Committee, introduced the Stablecoin Innovation and Protection Act in February — legislation to have...