The House Committee on Financial Services recently held an important meeting with top Crypto firms’ CEOs about the future of cryptocurrency in the country. The meeting touched on various important issues, the chief of them being cryptocurrency regulations. CEOs of crypto firms collectively urged Congress to come up with clear and concise crypto regulations that would not leave gray areas. At the same time, they hope Congress will not take a Draconian approach since that would lead to severe talent drain. CEOs of crypto firms spoke about how the country is losing talent to other countries since the laws of the nation make it difficult to carry out business.
At a time when the regulatory landscape of cryptocurrencies in the USA is very murky, this meeting was a very important step in the right direction. Experts and financial advisors agree that the only way forward is through collaboration between the government and the entrepreneurs. However, neither side has done much to collaborate with the other in the past. While other countries like Gibraltar are showing immense promise in private-public partnerships, the United States has never gone down that road. After the meeting, the crypto community of the country is hopeful of more amicable relations in the future.
The latest round of controversy regarding cryptocurrency regulation in the United States of America began with the passing of the Infrastructure Bill. While there have been attempts at amendment, they have largely been unsuccessful. With a collaboration between private firms and the government, we can expect them to reach a middle ground sometime soon.
