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US Lawmakers: SEC’s Stance on Crypto Is Hindering Innovation and Will Drive Business Elsewhere

September 29, 2018

More than a dozen US lawmakers just sent a landmark letter to the SEC, asking the agency to clarify its stance on cryptocurrency to ensure that the US remains a hub for technological innovation.

“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 statement follows a powerful meeting on Capitol Hill where blockchain and cryptocurrency leaders from Coinbase, Ripple, ConsenSys, Blockchain, Fidelity and Nasdaq urged Congress to be proactive and support the emerging technology.

The bipartisan letter was created by North Carolina Republican Representative Ted Budd, Minnesota Republican Representative Tom Emmer, Ohio Republican Representative Warren Davidson and Florida Democratic Representative Darren Soto. The letter has 10 cosigners, including:

• David Schweikert (Republican, Arizona)• Jeff Duncan (Republican, South Carolina)• Alex Mooney (Republican, West Virginia)• John Curtis (Republican, Utah)• Ralph Norman (Republican, South Carolina)• Andy Biggs (Republican, Arizona)• Mark Meadows (Republican, North Carolina)• Derek Kilmer (Democrat, Washington State)• Greg Gianforte (Republican, Montana)• Sean Duffy (Republican, Wisconsin

Here’s a look at the letter, in full:

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