CEO Circle: Congress must eliminate legal uncertainty in the bitcoin industry

The head of the cryptocurrency company Circle Jeremy Alleyr during a public hearing organized by the Banking Committee of the US Senate called on lawmakers to eliminate legal uncertainty in the field of digital assets.

“Congress should adopt national asset management policies .” C clear clear clear clear clear clear clear clear clear clear clear pic.twitter.com/1E0Kahx7IE

– Bitcoin Magazine (@BitcoinMagazine) July 30, 2019

"Congress must approve national policies that define and secure digital currencies as a new class of assets ," said Allair, noting the need to develop progressive and clear legislation for the industry.

Senator Mike Craipo asked how the US could develop an appropriate regulatory framework that would take into account the “differences between different digital assets.”

Senator Mike Crapo asks Regulatory framework around cryptocurrency “While still respecting the difference between different digital assets.”

Mr. Allaire responds by differentiating between different cryptocurrencies.

– Bitcoin Magazine (@BitcoinMagazine) July 30, 2019

Allair replied that it was important to take into account all the differences between multiple cryptoactive assets.

In turn, Professor of Law at the University of California Mehra Baradaran stated the following:

“Is it any wonder that many people, having lost confidence in the traditional [financial] system, enthusiastically accepted Bitcoin – a new alternative and non-sovereign currency that arose immediately after the financial crisis as a reaction to it?”

“It’s a bit like a bit of a bit of a creeping day,” they are enthusiastically embraced by the currency? ”Mehrsa Baradaran said in her opening remarks.

– Bitcoin Magazine (@BitcoinMagazine) July 30, 2019

The professor also touched the Libra project from Facebook:

"What's the point? We have US dollars – the Fed can simply make them bigger. ”

Jeremy Allair added that many experts of the cryptoindustry are not guided by mercantile thoughts:

“Many cryptocurrency professionals are not focused on financial success and do not want to get rich quickly. They focus on how to create a new global infrastructure for economic activity. ”

“A lot of the [cryptocurrency professionals] are not a lot of quick …

-Jeremy allaire

– Bitcoin Magazine (@BitcoinMagazine) July 30, 2019

Democratic Party member and Nevada Senator Catherine Cortes-Masto expressed confidence in the great potential of the distributed registry technology:

“I’m sure the future is for blockchain technology. I think it has the potential, which is not going anywhere. Therefore, we must pay attention to it. ”

“I’m thinking about what the blockchain technology is …

-Senator Cortex Masto #SenateCryptoHearing

– Bitcoin Magazine (@BitcoinMagazine) July 30, 2019

Mike Craipo, in turn, stressed that cryptocurrency is impossible to prohibit:

“If the United States decided and said,“ in our country, cryptocurrency is not needed, let's ban them. ” I’m sure none of this would have worked, because it’s a global phenomenon. ”

He also added that the United States must keep up with progress, developing blockchain technologies that have “incredible potential”.

“This is obviously a very critical issue. I want to stay at the forefront … of this new creative technology. I believe that it has some incredible potential, ”Senator Crapo espoused in his closing remarks. #SenateCryptoHearing

– Bitcoin Magazine (@BitcoinMagazine) July 30, 2019

Earlier, the US Senate Banking Committee showed an increased interest in the Libra digital currency. Back in May, the agency requested Facebook to disclose the details of the project, namely, how the company intends to process the personal data of users of this payment system.

Recall, on July 16, hearings took place that lasted about two and a half hours, where Calibra CEO David Marcus answered questions from US lawmakers about the Libra device.

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