In the latest crypto news regarding cryptocurrency and blockchain regulation, we have information coming from the US that says that more than 50 stakeholders from the cryptocurrency and finance industries have met with the US lawmakers in Washington with the main goal of discussing the future of blockchain technology and its regulation in the country.
The meeting took place at Capitol Hill at the behest of Rep. Warren Davidson (R-OH) and saw major attendance from the representatives of industry heavyweights such as Coinbase, Kraken, Nasdaq, Andreessen Horowitz, State Street, ConsenSys, Fidelity as well as the US Chamber of Commerce.
The message which the panel received was loud and clear – there could be a blockchain exodus if the US does not consider crypto regulation as soon as possible – and blockchain innovators will be forced to leave the country.
As CNBC summarized the main point of the summit, the panelists were mainly active in criticizing the Securities and Exchange Commission (SEC) for its definition of a new asset class like cryptocurrencies – after taking cues from the outcome of a 72-year old case.
As a result, many young startups from the US that are prepared to launch their blockchain assets now stand confused about their compliance status. While most of them desire to issue their utility tokens, they are also held back by the lack of regulation under the US securities framework.
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