Another US Politician Says Better Regulation Crypto Is Needed

Despite the large number of cryptocurrency-centric companies which are being founded and more blockchain companies and exchanges in the focus, a brighter regulation crypto is one of the aspects this entire ecosystem is depending on.
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According to another US politician (after the presidential candidate Andrew Yang last week), the country must “smarten up” on the topic of cryptocurrency regulation.

We are talking about the Congressman Warren Davidson who is in the crypto news today for stating that the entire legislature around cryptocurrencies should change – or else the US could begin to give “crypto dominance” to China and Russia.

One recent tweet by the Congressman talked about the regulation crypto needs and shows that he is another US politician who vouches for things like these. The tweet was made in reference to an article from the National Review in which the author stated that the American blockchain industry is suffering due to “anchors on the industry’s feet” placed by regulators:

“As with other technologies, American innovators should be focused on bringing the very best products and services to market, not worrying about getting entangled in red tape,” the author added.

"If the U.S. #blockchain industry ever is to have a fighting chance in the global market, #Congress must remove the anchors from the industry's feet."

This is correct. By dragging its feet, Congress is giving China & Russia a head start in their quest for #crypto dominance. https://t.co/XTXRo9NmIq

— Warren Davidson (@WarrenDavidson) February 7, 2020

Davidson is another US politician who talked about the regulation crypto needs in order to prosper. Previously, the Republican Representative of North Carolina named Patrick McHenry told CNBC that his “fear” is that the recent regulatory crusade against Libra is a de-facto “trial” for ”American innovation by policymakers here in Washington because they don’t understand it.”

The Republican was in the Libra news then and added that as a large company, Facebook is being “pounced on” – all of which is sending a “chilling signal to innovation in the United States.”

Before him, Andrew Yang covered the topic of the regulation crypto needs now. The POTUS candidate noted that America needs to have better rules for crypto and blockchain-related ventures.

That would be my priority: clear and transparent rules so everyone knows where they can head in the future and so we can maintain competitiveness [in crypto],” Yang noted.

Unfortunately, the President of the United States Donald Trump says that cryptocurrencies like Bitcoin can be a mechanism for crime  and have no inherent value.