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US Policymakers are divided on the deliberations over the adoption of digital assets. The gap between policymakers who support the adoption and those against the motion is rapidly widening.
The US current administration, through executive order, has mandated immediate research into digital assets and finding out possible ways they could effectively be regulated. Irrespective of the executive order coming from Biden, a Democrat, party members are hugely divided on the issue of cryptocurrency.
The disagreement between democrats might confirm the fears that a policy framework for US adoption and regulation of digital assets is far from imminent. However, crypto-friendly lawmakers have revealed that it won’t be harsh in an eventuality of a regulatory policy. Update on lawmakers’ names who support or are against crypto adoption is being released to the crypto community periodically.
US Democrats War Against Themselves on Crypto Adoption
Some Democrats who are strictly against the adoption of crypto, and have countlessly expressed that are Sen. Elizabeth Warren and Sherrod Brown. On the other side of the Democrats, camp is the likes of senators Ritchie Torres and Jim Himes. This division is deep-rooted, and it further delays the process of crypto adoption and regulation in the US.
Elizabeth Warren has once presented a bill to the US Congress seeking to mandate the SEC to introduce stricter measures in regulating crypto activities. She claims Russia may utilize digital assets loopholes to evade economic sanctions against them. In response to Elizabeth’s bill, it has been revealed that Russia cannot use crypto assets to avoid sanctions against them.
Unsatisfied, the senator has continued to pressure the Treasury department, insisting on a total crackdown of the crypto industry. In one of her official letters to the treasury, Elizabeth stated the crypto space is a mix of internet fraudsters, financial terrorists, scammers, economic cheats, and good citizens. Thus, no one can assure safety because of the invisibility of who is on the other side of the transaction.
Crypto-Friendly Senators Promotes Crypto Adoption
A handful of senators in the Democrats’ pro-crypto camp have expressed the crypto industry’s usefulness and importance to the US financial marketplace. Ritchie Torres, a New York senator, stated that technological development should not be defined by its worst undoing.
He said you could not underestimate the importance of money just because it is used for laundering the commonwealth. Therefore cryptocurrencies should not be viewed from the wrong perspective. Senator Josh Gottheimer, representing New Jersey, also advocated the adoption of crypto through his stable coin innovation and protection act. He believes that digital assets have great potentials and prospects to project the US economy.
March 16, some democrats were signatories to a letter they sent to the Securities and Exchange Commission. The Republican senator Tom Emmer crafted the letter and was also signed by three other Republican senators.
In the letter, the senators sought to minimize the strict regulatory policies and measures against crypto firms. They requested the agency to be more lenient in dealing with crypto companies.
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