(PresidentialWire.com)- If you pay any attention to cryptocurrency news, you’ll know that the uncertainty surrounding the digital currencies is having a huge effect on the market. And now, the House Financial Services Committee is finally taking steps to clarify the rules surrounding the ownership of cryptocurrency assets.
According to a report by The New York Times, far-left Rep. Maxine Waters called the hearing as the head of the committee and is planning to learn more about how cryptocurrencies work in order to regulate them.
Get ready for a whirlwind of new rules and charges if you own crypto…
The Times noted that Republicans are siding with the cryptocurrency industry and promoting innovation, but that the Democrats are concerned about the growth of the asset and the fact that it is significantly less regulated than other assets. Republicans have rightly warned that regulating cryptocurrency even further would push the industry away from the United States and into other countries more willing to embrace the money of the future.
Republican Rep. Patrick McHenry, Waters’ counterpart on the committee, has indicated that his colleagues on the committee are likely now technologically well-versed enough to even be able to write the new rules. He also said that he regularly asks his friends on the Hill whether they know enough about cryptocurrency.
On Wednesday, testimonies from six industry professionals gave greater insight into the technology behind cryptocurrency and the blockchain system.
Jeremy Allarair, the chief executive of tech company Circle, told far-left socialist Rep. Alexandria Ocasio-Cortez during the hearing that the industry is “building a new global economic infrastructure layer.”
He told a socialist about a new economic infrastructure lawyer? Bad call – now she knows there’s something new to tax.
Brian Brooks, the chief executive of Bitfury, used his testimony to ask legislations to consider the importance of decentralization of currency and how it can hurt the larger technology companies who are not popular among the Democrats or Republican bases.
And while it’s unclear how much these testimonies have truly helped, and whether or not legislators still have any idea how this technology works, you can bet that new rules are on the way.
You can read the full New York Times report here.
