Originally published on: October 11, 2024
During a recent appearance at Permissionless III, Congressman John Curtis from Utah joined forces with Senator Mike Lee to delve into the future of digital asset policy in the United States. The discussion primarily focused on the delicate nature of bipartisan cooperation surrounding crypto regulations.
Congressman Curtis highlighted the challenges of maintaining bipartisan support, describing it as “fragile.” He emphasized the importance of establishing connection points with Democrats to reach a consensus on regulatory policies. Curtis urged industry professionals to educate lawmakers and demystify the complexities of cryptocurrencies to alleviate their fears and uncertainties.
Senator Mike Lee echoed these sentiments by outlining the three major threats facing cryptocurrencies: the potential creation of a central bank digital currency by the Federal Reserve, overregulation by the federal government, and conflicting state-by-state regulations. Lee emphasized the need for innovative and tailored regulations to accommodate the unique nature of digital assets.
Lee emphasized that cryptocurrencies should not be treated as securities or commodities, but rather as mediums of exchange. He even proposed refraining from taxing capital gains on cryptocurrency transfers to encourage innovation in the industry.
Both lawmakers agreed that excessive regulation could stifle growth and innovation in the crypto sector, urging the government to strike a balance between oversight and freedom.
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