Crypto industry executives are continuing their call for clear regulation, with Circle and Coinbase powerbrokers appealing to Congress to provide clearer rules on the crypto industry.
Estimated at an operational value of $3 trillion, much of the crypto industry still see-saws between grey area practices and the constant disapproval of regulators who fail to muster up definitive regulation binding the industry.
Crypto executives were hopeful that the Senate may be open to fast-tracking legislation after a similar hearing at the House of Representatives Committee on Financial Services seemed not to achieve much.
Speaking to Congress on Wednesday, executives argued that careful and bespoke rules need to be introduced for all participants to be protected.
Coinbase chief executive Alesia Haas said: “Without tailored legislative solutions that are openly debated with public participation, the US risks unnecessarily onerous and chilling laws and regulations.”
However, the legislature is not moving quickly to forge new rules for crypto companies, although crypto executives were commended by some lawmakers for stepping up and seeking to find a way out of the legal quagmire.
Texas Republican Pete Sessions told Al Jazeera: “I am tremendously impressed. I see a lot of ingenuity, a lot of entrepreneurial spirit.”
The lack of regulation has led to some unpleasantries. Ripple Labs is currently caught in a year-long lawsuit with the US Securities and Exchange Commission.
At a time when even the CIA is looking to understand crypto, most regulators in the US seem to want to intentionally slow down innovation in order to buy themselves time to build a legal framework that won’t backfire.
Ripple executives decided to take the fight to the regulator and remained in the US looking to protect their company from the allegations. Meanwhile, lack of regulation has led to big losses for consumers.