• U.S. Senators say Congress needs to come up with a “bipartisan” crypto regulation in order to make progress on the issue.
• Both Democrats and Republicans need to agree on the rules and how they should be implemented.
• The SEC is facing criticism for its approach towards policing the crypto space.
Introduction
The U.S. Senators say that if Congress is going to get serious about establishing crypto regulations, they need to be bipartisan, meaning both democrats and republicans need to agree on how the rules should play out and what they should accomplish.
Bipartisanship Necessary
The last six years have seen an ongoing fight between Democrats and Republicans, which has led many members of Congress and the federal government to believe that crypto regulation is necessary in the United States. In order for this regulation to be effective, both sides must find common ground.
Senators’ Comments
Senator Thom Tillis – a Republican from North Carolina – believes that this is the only way Congress will “get something done” while John Hickenlooper – a Democrat from Colorado – believes that it allows society to innovate by finding better ways of doing things. Additionally, Tillis does not have much confidence in the SEC due to its rapid rulemaking while Hickenlooper mentions there being divergence of views between the two parties which will require guardrails so both sides can be comfortable with it.
Criticism For The SEC
The SEC has been heavily criticized recently for its gestapo approach towards policing the crypto space through prosecution against companies in this space without any kind of guidance or education beforehand which could potentially help them change their ways rather than just punishing them outrightly when mistakes are made.
Conclusion
It appears as though bipartisanship may be key if any kind of progress is going to be made on establishing proper cryptocurrency regulations in the United States as well as providing guidance or education instead of just using a heavy-handed approach whenever mistakes are made by those within this industry who operate without full knowledge of all laws applicable to them at any given time
