Congressman Patrick McHenry of the 10th District of North Carolina said he hopes the regulator's default response to cryptocurrency innovation is "yes" (ie, recognition).
The senator is known as the "Mr. Financial Technology" of the Congress. In an interview yesterday, he described his views on the development of the cryptocurrency field, emphasizing that the huge value of Bitcoin soon became apparent. He said that he quickly realized that the response of the regulator would be difficult to keep up with the pace of a number of new concepts:
- US SEC Chairman: Will not change securities regulations for cryptocurrencies, nor will it prevent cryptocurrency development
- Lightning network has security risks, users need to update the client as soon as possible
- A few things you must know before Maker MCD goes live
- Hash rate changes hidden mystery, BTC bottom-hunting opportunity really came this time?
- Counting the liquidity of the Big Three, the final end of Bitcoin is digital government bonds?
- Babbitt column | The contours of the next round of payment changes: the road to break through digital currency payments
“My conclusion is that any government action – actually until the last two or three years – will be negative, will undermine innovation and will limit the development of cryptocurrencies and their great value, both now and in the future.”
He went on to say that it is much better for Congress to have a better understanding of the industry, "not rushing to kill — or trying to kill — an idea."
As the industry grows, he believes that we have entered a different stage: now requires more sensible regulation, the Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) should provide regulatory certainty, the US Treasury Department of the Internal Revenue Service Clear tax requirements.
"We need to do what the government really wants to do."
To this end, he re-launched the Financial Services Innovation Act this week, which proposed setting up a Financial Services Innovation Office to handle financial services in 10 federal offices around the world.
He said the bill would ensure that regulators "have the courage to promote innovation and dare to say 'yes' instead of 'no'."
McHenry pointed out that the establishment of these offices will create a mechanism similar to the "regulatory sandbox."
Regulators will be able to offer innovators in the cryptocurrency space the opportunity to join a compliance agreement: once the agreement is accepted, the innovator can provide services based on the revised compliance program and eliminate the burden of outdated measures or excessive burden.
For institutions such as the SEC and the CFTC, he believes that the bill is a necessary step in establishing a regulatory process that works with innovation rather than confrontation.
As a supporter of financial innovation, McHenry is particularly interested in Bitcoin. At the Libra hearing this summer, he said:
"The world that Bitcoin white paper authors Nakamoto and others are creating is an unstoppable force."