US Crypto Industry: Contrasting Thoughts of The Democrats

Biden’s Executive Order gained much attention lately, but unfortunately, a proper regulatory framework for the crypto industry might be long-awaited.

The US Democrats are not on the same page regarding the crypto space; some are vehemently against it, whereas some are inclined towards its potential.

With all those contrasting thoughts, can the US Administration come to a solid conclusion any sooner?

Recently the long-awaited Biden Administration crypto executive order was out to carry out deep thoughts on the crypto industry and the potential regulations. But it seems like the politicians within the Democrat party are not on the same page about virtual currency.

This lack of alikeness in thoughts of the Democrats is not entirely a negative aspect. After all, it can mean that a proper progressive regulatory framework for cryptocurrencies can be long-awaited. But it can also mean that the eventual decisions would not be that harsh given the crypto inclined Democrats.

There are several names like Democrat Senators Elizabeth Warren and Sherrod Brown, and then there are others in the Democrat Congress like Ritchie Torres and Jim Himes. The thoughts are highly contrasting, which might lead to a delay in a solid regulatory framework in the United States.

Senator Elizabeth Warren recently drafted a bill to restrict crypto exchanges and prevent virtual assets from being used to evade sanctions. Warren has made several attempts by sending letters to the Treasury to carry out crackdowns on the industry.

According to a report, she recently highlighted her criticism of the baking system. She mentioned crypto, saying that, however, substituting an unregulated, unverified system in which the cheaters and scammers, and terrorist mix in with ordinary consumers is not safe when no one can tell who’s on the other side of the transaction.

Ritchie Torres, who is quite optimistic about its potential in the US financial system, highlighted his thoughts that a project radically decentralizing the internet and finance hits him as a profoundly progressive cause. And that you should never define a technology by its worst uses, crypto is also beyond ransomware, similar to like there’s more to money than money laundering.

Josh Gottheimer, the Democrat representing New Jersey, has pushed the plans of regulating crypto-assets and stablecoins. And Republican Congressman Tom Emmer also drafted a letter signed by three other congressmen about overburdening crypto entities with excessive reporting requests and further scrutiny by the agency.

Earlier, Tom Emmer highlighted his thoughts on the Executive Order that it lacks the term decentralization, which is the primary point of having cryptocurrencies.

Although the crypto industry is witnessing many changes worldwide like Biden’s EO, Russia-Ukraine War, US Inflation rates, and a lot more, it is to look forward to when the fog would finally start to clear about the government’s approach on the crypto sector.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing