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On February 21st, 2018, the Congressional Blockchain Caucus (CBC) sent a letter to the heads of the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) urging them to have a light hand in regulating cryptocurrency innovation.
“Cryptocurrency networks are much more than alternatives to the dollar or payment mechanisms," the letter explained.
Caucus members, Jared Polis (D.-CO), Tom Emmer (R.-MN) and David Schweikert (R.-CA), urged both agency heads maintain a "light touch" in their effort to regulate cryptocurrencies, explaining the potential benefit to the US as arbiters of future domestic job creation.
They also applauded the agency heads for their efforts to go after and stop "bad actors, who engage in fraud, abusive sales practices, price manipulation, and other disruptions to market integrity that harm consumers."
This is happy news for cryptocurrency startups feeling the heat of regulatory growing pains. For those companies dotting their "I's" and crossing their "T's," the satisfaction comes from knowing that you're protecting investors and building something worthwhile.
Though the CBC has not commented on their next steps, it'll be interesting to watch how the caucus supports and encourages growth within this fledgling financial technology.
Read the full letter below:
U.S. Must Lead Global Cryptocurrency Innovation, says CBC
SEC CFTC Emmer Letter