US Senior Democrat Raises Concerns on Tougher Crypto Rules

Ron Wyden, a US Democrat Senator from Oregon and one of the most influential members of Congress in the country, has warned that a tough stance on cryptos could be unhealthy for the booming industry.

The congressman asked his colleagues to protect crypto innovators despite accusations of the industry being friendly with money laundering and fraud.

“There is obviously a debate [about stricter regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term], 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,” Wyden told the Financial Times in an interview.

He added that he strives for innovations and will always be on that side. “That’s where my heart lies,” Wyden commented. The Senator is currently the chair of the Senate finance committee and one of the proponents of the US internet regulation.

Last year, Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), expressed his views about Bitcoin and other cryptocurrency assets in a discussion with the House Committee on Financial Services. Gensler stated that the US will not completely follow China’s lead in banning cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

He pointed out at that time that any decision regarding a crypto ban would be up to Congress. “Our approach is really quite different,” Gensler said in the latest discussion.

China Crypto Crackdown

In 2021, China imposed a ban on all crypto-related activities, including mining. However, despite the reason that the US cryptocurrency ecosystem is still uncertain about the potential regulations in the region, the overall adoption has increased sharply in the last few months.

Four of Wyden’s colleagues recently wrote to Janet Yellen, the US Treasury Secretary, expressing their concerns about cryptocurrencies being used to bypass international sanctions.