Congressman Wants Default Recognition To Bitcoin’s Innovative Creation to Simply Be, “Yes”
Patrick McHenry, a U. S. Congressman from North Carolina, has recently affirmed that he wants the reaction of the regulators to be “yes” when it comes to crypto innovation. He was recently interviewed by the Unchained podcast and talked about how the regulators should keep up with new ideas that appear every day.
The Congressman, which is also known as Mr. Fintech by some of his associates, affirmed that Bitcoin has tremendous value and that it is important for innovation in the country. He affirmed that any action against cryptos would be negative for the economy and that it is better to simply let cryptos flourish.
Instead of rushing to kill Bitcoin, Capitol Hill should become “more informed” about the technology. Right now, agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading (CFTC) need to be smarter and regulate the market so it can grow in a healthy way.
In order to help the crypto industry, he has decided to introduce the Financial Services Innovation Act this week, which proposes the creation of “innovation offices” for the industry in ten different places. This is an important step to ensure that the regulators would be more prone to have a positive response for the crypto market, he believes.
He also affirmed that these offices would work to establish jurisdictions in which regulatory sandboxes could be created. This, he affirmed, would help the companies to innovate more while not under the influence of stiff regulations that could innovation. If the bill is passed, he believes, the country will benefit from it.