In recent news pertaining to cryptocurrency regulations, industry leaders have urged U.S. lawmakers to provide regulatory clarity or risk a crypto firm exodus, a Greek representative to the European Parliament has advocated for a lightweight cryptocurrency apparatus to avoid stifling innovation across the distributed ledger technologies industries, and the Swiss Financial Market Supervisory Authority has issued a warning regarding purported cryptocurrency company, Alliance Capitals.
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Industry Leaders Warn U.S. Lawmakers to Provide Clarity or Risk Crypto Exodus
At a recent regulatory round-table held at Capitol Hill and hosted by congressman Warren Davidson, a number of cryptocurrency industry leaders warned lawmakers that a continued lack of regulatory clarity could lead to an exodus of firms seeking clear legislative guidelines in other jurisdictions.
Kraken co-founder and CEO Jesse Powell emphasized the disadvantaged position U.S.-based cryptocurrency firms and investors are in as a result of the current regulatory ambiguity, stating “Foreign companies are able to outraise their U.S. competitors and often whoever raises the most money is who wins. Not only are U.S. companies not able to raise enough to compete globally, U.S. investors are not able to invest in these global companies.”
Joyce Lai, a lawyer for Consensys, stated: “The competition around the world is real. But there is still time and opportunity for the U.S. to be a leader here.”
Congressman Davidson echoed the call for regulators to work toward providing clarity as quickly as possible, stating: “Legitimate players in the industry have a desire for some sort of certainty so we can prevent and prosecute fraud. I’m confident we can move forward and make this a flourishing market in the U.S. It’s an imperative for us to do, we did it well with the internet.”