The United States Congressman who represents North Carolina’s 10th District, Patrick McHenry has recently said he wants lawmakers’ first reaction to crypto innovation to be simply, “yes.”
The North Carolina 10th District Representative made his comments during a recent interview published this week for Laura Shin’s podcast.
McHenry related his observations of the crypto space’s development, underscoring that the huge value imprinted in Bitcoin has become quickly known. He soon saw that the responses form regulators would struggle to keep pace with a whole range of new ideas.
“My conclusion was, any action by the government — really up until the last 2, 3 years — would be negative, would impair innovation and would restrict the development of cryptocurrencies and their enormous value, now and in the future.”
He went onto note that for Capitol Hill to slowly become more informed in regards to the industry “rather than rush to go kill — or try to kill — an idea,” it’s far better.
As per CoinTelegraph:
“As the industry has evolved, he argued that we’ve entered a different phase: one that now needs smarter regulation and increased certainty from the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), as well as a clarification from the U.S. Treasury and IRS in regard to taxing authority.”
In fact, he went onto highlight, that proper government work still needs to be done.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!