'Time is not on our side' to provide regulatory clarity on crypto, says US lawmaker
New Jersey Representative Josh Gottheimer said that United States lawmakers needed to pass legislation clarifying regulators’ role over crypto or risk companies taking their business abroad.
Following a roundtable discussion on Sept. 27 with Commodity Futures Trading Commission chair Rostin Behnam and many industry leaders, Gottheimer said some of the crypto bills proposed by members of the U.S. House of Representatives and Senate were “building blocks” aimed at achieving regulatory clarity. Though saying he was “bullish” on the Digital Commodities Consumer Protection Act, Gottheimer suggested that the bill — aimed to give the CFTC greater authority over the crypto spot market — was not the only possible legislative path.
“I’m very open to any solution as long as it provides some of the regulatory certainty that we need to offer the space so that we stop losing businesses and startups and entrepreneurs who are interested in planting a flag here and growing here,” said Gottheimer. “Whether that’s the Stabenow bill or other bills — Lummis and others, [and the bill] they’re working on in the House Financial Services Committee — is less important than actually providing clear guidance and guardrails.”
He added:
Gottheimer, a member of the House Financial Services Committee, introduced the Stablecoin Innovation and Protection Act in February — legislation aimed at having the U.S. Federal Deposit Insurance Corporation back stablecoins in a manner similar to fiat deposits. However, the larger question of whether cryptocurrencies and stablecoins largely fall under the regulatory purview of the CFTC or Securities and Exchange Commission seems to loom over many lawmakers.
Related: Industry reps suggest improvements to Stabenow–Boozman
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