George Nethercutt Jr., former United States Republican congressman, criticizes the current administration’s handling of the cryptocurrency industry.
Nethercutt Jr. notes the deliberate avoidance of cryptocurrencies in an opinion post published by the independent political news site The Hill.
He said that shunning crypto basically forfeits the U.S.’ potential of being the global leader in this field.
He goes on to say that the result is a loss of economic and technological advantage, which seems illogical given the widespread consensus that crypto is “here to stay.”
Is the U.S. intentionally harming crypto?
“Instead, they’re leading a behind-closed-doors effort with Biden’s chosen chiefs of financial regulatory agencies to draft suggestions on how the administration should deal with digital assets,” Nethercutt Jr. said in quotes by Crypto Slate.
Is it time to recognize the U.S. is deliberately harming crypto, especially in light of recent events, particularly the Securities and Exchange Commission’s dealings with Ripple?
In an attempt to explain the issue, Nethercutt Jr. stated that “bureaucrats” are misdirected in their efforts to avoid a financial crisis similar to that which occurred in 2008.
“Cryptocurrencies are being incorrectly positioned as the new subprime mortgage ‘toxic asset,’ as if this innovation is some nefarious scheme by Wall Street to defraud the public,” the congressman said.
On regulatory transparency and crypto acceptance
Despite the fact that U.S. crypto firms have been doing their utmost to work with regulators to guard against fraud and criminality, Nethercutt expressed frustration.
He also tried to engage in fostering openness and bringing about regulatory transparency. But the response has been to subpoena and malign these companies, he explained.
Furthermore, this is a bipartisan problem, as the last Republican administration was likewise unfriendly to the digital currency industry, he said. However, as Nethercutt Jr. points out, the Democrats appear to be doubling down on their position.
Finally, Nethercutt Jr. concluded that if the federal government were more open to crypto, as it was to the internet in 1997, the effect would be “a U.S.-led global economic revolution.”
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