The lawmaker in the US Seeks for More Action from Congress on Regulating Crypto

Nishanth Shetty

July 28, 2018 10:43 am

Crypto Regulations

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While speaking in an interview with Bloomberg, Bill Huizenga, who is the congressman in the U.S. urged to see more focus on crypto regulation by the U.S. Congress. He wants to observe more oversight in what he calls as the “muddied and fairly opaque” initial coin offering (ICOs) and digital assets markets.

According to the reports, Huizenga is a member of the Financial Services Committee and is Chairman of the Capital Markets, Securities, and Investment Subcommittee.

He argued that Congress must allow financial regulators like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) for regulating the market in the agreement with the same rules governing other currencies and stocks.

He revealed that the major reason for focusing on the crypto regulation is to make sure that investors’ deal with ICOs and digital currencies are safe and provided with a high level of transparency.

While describing the necessity of action, Michigan Republican said the lawmakers from both parties had not reached an agreement on how crypto markets need to be regulated.

Huizenga said:

“Everyone’s trying to figure out whether it’s fish or fowl. It turns out it might be a platypus. It’s kind of an unknown or something sort of in between. How do we deal with that?”

While the SEC recognizes cryptocurrencies as securities, the CFTC claims that Cryptocurrencies are commodities. Other regulators, such as FinCEN and the Internal Revenue Service (IRS), say that cryptocurrencies should be considered money and property, respectively.