The tech trade group Chamber of Progress called on members of the United States Senate and House of Representatives for regulatory clarity in the crypto space in an effort to prevent firms from leaving the country.<\/p>\n
In a Wednesday letter addressed to eight committee chairs in the House and Senate, Chamber of Progress financial policy director Janay Eyo urged Congress to consider moving forward on \u201csubstantive legislation to ensure the future of our nation\u2019s crypto industry,\u201d citing concerns about jobs and the country\u2019s position as a leader in global finance. According to the trade group, government leaders including those from the Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Reserve and Biden administration have called for Congress to lead in establishing a regulatory framework for digital assets.<\/p>\n
\u201cWithout congressional action, a lack of clear rules and regulations has contributed to the current instability in crypto markets,\u201d said Chamber of Progress. \u201cSome of the companies that have failed took advantage of a lack of clear regulations in the market. Industry leaders have warned that smaller exchanges offering generous margin loans are quietly becoming insolvent.\u201d<\/p>\n
The group added:<\/p>\n
\u201cIt is imperative that Congress act to ensure investor protection by providing rules of the road, which would, in turn, help weed out bad actors in the industry.\u201d<\/p><\/blockquote>\n
According to Chamber of Progress, the lack of regulatory clarity in the United State could cause companies \u201cto seek greener pastures overseas,\u201d potentially threatening the country\u2019s interests by forcing many high-paying, remote-friendly jobs that largely survived the pandemic abroad. Crypto firms like Ripple have considered moving their headquarters outside of the United States, and others have expanded offerings to regions including the Middle East.<\/p>\n
\u201cThe increase of countries developing crypto regulatory policy should motivate the U.S. to act quickly to review relevant legislative proposals introduced this Congress,\u201d said the group. \u201cIt\u2019s time to move the crypto policy debate from “we need regulation” to \u2018what are the impacts of specific regulatory proposals?\u2019\u201d<\/p>\n