Senate veteran Ron Wyden warns his colleagues against imposing new anti-crypto regulations
Ron Wyden (D-Ore.), one of the most influential Democrats in the US Congress, is going to protect the crypto segment from another witch hunt.
Sen. Wyden is on the side of the innovator
According to a statement shared by Financial Times, Senator Wyden has warned Congress about the dangers of anti-crypto regulation:
As the architect of the first regulatory designs for the Internet in the United States, Mr. Wyden likens cryptocurrencies to the early Internet when it comes to protecting it from repression:
There is obviously a debate [about stricter regulation] but I want to be on the side of the innovator. When I think about crypto I think about remittances, or somebody who has a kid 1,000 miles away and wants to get them help in an emergency, rather than going through scores of banks, credit card companies. I keep looking for innovations.That’s where my heart lies.
Senator Wyden’s speech comes amid another round of talk about cracking down on unregulated trading platforms like Coinbase.
As covered by U.Today previously, Mr. Wyden’s stance echoes that of his colleague Tom Emmer (Rep.-Mn.). Sen. Emmer repeatedly cricitized the position of the U.S. SEC, which refuses to greenlight Bitcoin spot ETF.
Global regulators send mixed signals
In the first quarter of 2022, regulators around the world were releasing various pro-crypto and anti-crypto laws and bills. For example, India has proposed to regulate crypto like casinos with a 30% income tax.
Two weeks later, the deputy governor of India’s central bank proposed banning Bitcoin (BTC) and cryptocurrencies again.
Although the final decision has yet to be made, a crypto ban appears to be the “wisest choice” for India’s financial watchdog.
