American crypto enthusiasts are tired of the uncertain policy regarding the cryptocurrencies and require the United States Congress to have a clear legislative base. Congressman from the Financial Services Committee Warren Davidson invited industry leaders from Nasdaq, Fidelity, Andreessen Horowitz, State Street and the US Chamber of Commerce to discuss this question. What does the crypto industry expect from the government?
On the agenda was the only issue: the legalization of cryptocurrencies. Many negative comments were made about the adoption of a 72-year-old law on securities with respect to digital assets. But according to SEC Chairman John Clay, the Howey test has still not lost its relevance and there is no need to update the standards.
«Chairman Jay Clayton is flat out WRONG. Sometimes, when technology changes, you should at least consider updating the law and your approaches. The US does it all of the time in other areas. Other countries are updating their approaches – why can’t we?» – says Gordon Einstein.
The crypto industry knows many examples where crypto assets could not be defined as securities or commodities. If there is no order in this sector, the USA may lag far behind in the world of innovation. Many companies can easily register their projects in another country, which is more friendly to cryptocurrencies. The other world has a big competition for providing the best conditions for crypto startups.
Despite the fact that the meeting lasted for a long time, the parties did not reach a consensus. Warren Davidson said that the draft law about the regulation of cryptocurrency is still not ready, and the meeting was only of a consulting nature.
Such frivolity of the US Congress can lead to an outflow of innovative companies from the country, as has already happened, for example, with China. Many successful crypto start-ups left the country’s jurisdiction because of the adoption of strict laws on the whole industry. Therefore, America’s attempt to use the old law in relation to new developments seems to be very short-sighted.
Already now it is possible to observe, how many perspective companies move their offices to more friendly states. For example, in Malta or in Asia. Recently the regulators of Singapore announced that they plan to continue the integrating process of the cryptocurrencies into their economies.
The voice of American entrepreneurs is very important in the USA. And there is nothing wrong with defending their economic interests. Perhaps the US will still pass a law, which at least somehow will regulate a crypto market. But apparently, the US does not want to be pioneers in this matter. The country waits until other regulators make their own mistakes and then takes all the best ideas for themselves. In the meantime, small countries like Singapore, Estonia or Sweden are leading in this area. Nevertheless, their experience is not always positive, these countries are not afraid to “be friends” with cryptocurrencies.