Former Republican Congressman George Nethercutt Jr. is lashing out at the current U.S. administration for its dealings with the crypto industry.
In an opinion piece published by an independent political news site The hill, Nethercutt Jr. highlights the deliberate avoidance of cryptocurrencies. To say that in doing so, the United States is effectively giving up its chance to become the world leader in this space.
He further adds that the result is the loss of an economic and technological advantage, which makes no sense given the growing consensus that crypto “is here to stay.”
“Instead, they’re leading a behind-the-scenes effort with the heads of financial regulatory agencies appointed by Biden to draft recommendations on how the administration should crack down on digital assets.”
Given recent events, especially the SEC’s relationship with Ripple, is it time to admit that the United States is intentionally ruining crypto?
What did Nethercutt Jr. say?
Trying to explain the situation, Nethercutt Jr. said that “the bureaucrats” are misguided in their attempts to prevent a financial collapse, as seen in 2008.
“Cryptocurrencies are falsely presented as the new ‘toxic asset’ of subprime mortgages, as if this innovation is a sinister invention by Wall Street to deceive the public. “
The net result of this is a “heavy” approach to regulation. And, according to him, that will only lead US companies overseas to more crypto-friendly jurisdictions.
Nethercutt Jr. expressed frustration that major U.S. crypto companies have gone out of their way to work with regulators to guard against fraud and crime. While also trying to promote transparency and clarify the regulations. But the response has been to sue, subpoena and slander these companies.
Moreover, this is a multi-party issue, with the previous Republican administration also somewhat hostile to the digital currency industry. However, as Nethercutt Jr. points out, it looks like Democrats are doubling down on that position.
If only…
Concluding his article, Nethercutt Jr. said that if the federal government was more open to crypto, much like it was with the Internet in 1997, the result would be “a US-led global economic revolution – United”.
Instead, under the Biden administration, crypto regulation goes in the wrong direction and requires Congress to step in to protect the future of U.S. innovation and economic interests.
“The way forward by the administration indicates that it will maintain the status quo that has jeopardized the future of our national crypto industry, so the legislature must assert itself and defend the economic interests of the next generation of American consumers and businesses. “
Otherwise, doing crypto business in the United States will become impossible to justify.
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