Congressman John Curtis, Utah's U.S. representative, joined Utah Senator Mike Lee on Permissionless III to discuss the future of digital asset policy in the country.
When asked if bipartisan cooperation on repealing Staff Accounting Bulletin-121 (SAB-121), which incredibly limited banks' ability to store cryptocurrencies, was being revived, he said: 'The councilor continued:
“For all of us, for all of you pushing this issue in Washington, if it becomes a partisan issue, anything that becomes a partisan fight in Washington is going to have a very difficult time. I think it's very important to recognize that.”
“I think it's important to find a point of contact with Democrats” to reach agreement on regulatory policy, Curtis concluded, adding that his fellow senators are struggling to understand the complexities of cryptocurrencies. he pointed out.
Congressman Curtis then called on industry experts to “carefully explain” the technicalities behind the cryptocurrency industry to educate lawmakers and dispel their fears of the unknown.
Senator Mike Lee also participated.
Sen. Mike Lee says the three worst things that could happen to cryptocurrencies is for the Federal Reserve to create a central bank digital currency (CBDC), which some states like North Carolina and Florida have already opposed. (The move it is facing), it argued was overregulation by the federal government. , and conflicting state-by-state regulations.
Lee characterized letting states decide cryptocurrency policy as “death by 50 cuts” for the industry, making it clear that digital assets are a new type of asset class that requires new regulation.
“Cryptocurrency is not a security. Cryptocurrency is not a commodity. Cryptocurrency is used as a medium of exchange,” the senator told the audience. “I don't even think capital gains should be taxed on a transfer,” Lee said.
The Utah senator concluded by stressing that for innovation to flourish in the crypto industry, governments must resist the temptation to over-regulate or suppress the emerging sector.
