Ripple (XRP) Investor Gets Reply From US Congressmen About Govt. Encouraging “Growth Of New Industries,” Like Bitcoin

US Congressmen Voices Need For Government To Encourage “Growth Of New Industries,” Like Cryptocurrency

Since cryptocurrency began, it has been the subject of a variety of different opinions from the different industries and influencers around the world. Those in favor of crypto have been a major part of the promotion of the industry, but that has not stopped the significant criticism of the market as well. Rob Woodall, a United States Congressman, seemed to voice his positive opinion on how the government should handle crypto.

In email correspondence with XRP community member ATL XRP, Woodall sent the following reply –

“I absolutely agree with you that the federal government should do its best to promote the United States as the world leader in innovation and to encourage, rather than stifle, the growth of new industries. Certainly, this school of thought should apply to cryptocurrencies.”

This reply was in response to the user asking the congressman to support the Token Taxonomy Act, H.R. 7356. Even though this bill actually expired at the end of the year, it could be brought back in during the new session of Congress. He added to the email,

“I look forward to learning more about this legislation from Representatives Davidson and Soto should they choose to reintroduce the measure this year.”

Congress has played an active role in cryptocurrency lately, and there have been many members that have taken the time to write to the Securities and Exchanges Commission (SEC). Jay Clayton, the SEC’s Chairman, had remarked on the difference between digital assets that are considered security tokens and ones that are not.

The letter said,

“Current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately drive business elsewhere. We believe that the SEC could do more to clarify its position.”

The correspondence followed a discussion on crypto, which was initiated for the sake of creating legislative direction around cryptocurrency and blockchain technology.

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