US Lawmakers Host ‘Legislating Certainty for Cryptocurrencies’ Roundtable
US Lawmakers Sit Down to Talk Crypto in Regulatory Discussions
The growing regulatory landscape of the crypto space is likely one of the most important external factors to its long-term success. The explosive increase to interest in cryptocurrencies following the skyrocket to Bitcoin’s value in 2017 has led to an oversaturation of regulators looking to bring order to a set of markets and sectors that some experts have referred to as a “wild west.” In the United States, a uniquely confusing legal process in the regulation of financial entities has created a tough situation for lawmakers looking to make sense of the convoluted crypto markets.
Part of the trouble is derived from the very nature of cryptocurrency. Because of the anonymity native to the blockchain, the cryptocurrency markets have long lent themselves to use for nefarious—and often illegal—purposes. But because the government also does not want to stifle innovation and expansion within the cryptocurrency place, a difficult balance seems to be the goal of top regulators. But even within the circles charged with regulating this massive industry, disagreements are common and consensus is—ironically—a difficult thing to achieve.
But U.S. lawmakers got one step closer to creating a sustainable framework for the regulation of cryptocurrencies and the crypto markets this week. On September 25th, a coalition of blockchain and crypto startups will officially meet with lawmakers in Washington, D.C. The meeting has been deemed a historic roundtable, dubbed by legislators as “Legislating Certainty for Cryptocurrencies.” The main focus of the roundtable will be to facilitate conversation regarding the best way to move forward with policy-making in the crypto regulation process.
Crypto Input Needed
Perhaps the greatest asset of the meeting, from a legislative perspective, is the willingness of the lawmakers on the other side of the table to reach out to cryptocurrency experts and startup leaders to qualify and quantify some of the ideas they might have regarding the future of the industry. In a letter sent out to potential participants in the roundtable, Representative Davidson of the House of Representatives outlined that lawmakers needed the input of the cryptocurrency experts in order to effectively craft a regulatory framework for their industry.
The committee include representatives from several major tech companies in the traditional sector, including Andreessen Horowitz, a representative from NASDAQ, and the United States Chamber of Commerce. Additionally, the panel will also include startups like Ripple, Circle, and Coinbase, all of whom have confirmed that they will attend the discussions with potential regulators.
A Regulatory Road
The governing entity has not been without progress in trying to establish a clear framework for regulation of cryptocurrency and their markets. The House has announced on the 21st of September that Representative Emmer will be introducing three new bills poised to help develop blockchain technology. Additionally, the bills will attempt to create what they call a “safe harbor” that will help taxpayers holding digital currencies to transition into the intricacies of paying annual taxes on their assets, may of which are split between fiat and digital currencies.
Moving forward, Congress seeks to take advantage of the plentiful voices of cryptocurrency advocates to create a sustainable bubble of regulation for the growing industry.