Circle CEO Wants Congress To Treat Crypto As New Asset Class

cryptowarrior88 (59)in #cryptocurrency • 5 years ago

Cryptocurrencies will again take center stages in Capitol here as the U.S. Senate Banking Committee convenes this Tuesday to discuss existing and potential regulations in the space.

Present in the hearing is Jeremy Allaire of Circle will represent the Blockchain Association trade group , Mehra Baradaran Irvine School of Law Professor at University of California and Rebecca Nelson who is the Congressional Research Service Specialist.

According to Kristin Smit, Head of Blockchain Association, the hearing will be a discussion about the broader industry, its challenges and what the U.S. can do better to help the nascent industry.

Allaire states that congress should adopt national policies that define and establish digital assets as a new asset class and develop the regulatory framework that is suited for these types of assets.

He adds that these new asset class would probably require changes on existing commodities, securities and banking laws which is simply incompatible in its entirety to apply with new innovations in finance.