A state-backed digital currency like the U.S. dollar doesn’t necessarily have to be a competitor to a decentralized cryptocurrency, one industry exec believes.
“The SEC [decided] to do regulation through enforcement, which is not efficient and really I think has stifled innovation in the United States,” said Brad Garlinghouse.
The platform advised users to withdraw funds quickly, noting it would halt trading for Venezuela-based clients on July 31, with all accounts “fully restricted” beginning Sept. 30.
The senators seek comments from industry stakeholders, consumers and interested parties.
“It is now time for Congress to begin the process of considering and ultimately passing authorizing legislation for the issuance of a U.S. CBDC,” said Representative Jim Himes.
“Stablecoins that are not backed by safe and sufficiently liquid assets and are not subject to appropriate regulatory standards create risks to investors,” said the Fed report.
“Digital assets, and their related mining activities, are essential to the economic future of the United States,” said the group of 14 lawmakers.
SEC Commissioner and “Crypto Mom” Hester Peirce criticized the SEC on its regulatory guidance, but noted that change is possible if investors and regulators work together.
“Anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call,” said president and CEO Robert Cook.
Meltem Demirors sat down with Cointelegraph to express why the industry needs to focus on privacy and freedom when it comes to regulations.