“We have an opportunity and a responsibility to be leaders in the digital assets space to protect consumers, foster innovation, and reduce regulatory burdens,” said House Agriculture Committee ranking member Glenn “GT” Thompson , who will release a discussion draft text Tuesday.
Lawmakers, whose views on cryptocurrency range from skepticism to idealism, are trying to bring clarity to a burgeoning marketplace, which currently functions with vague rules.
Decentralization makes data recovery easier and doesn’t require trust among network members, as each one has access to the exact same record of information, Blockchain Council argues.
Bitcoin was the first decentralized cryptocurrency, created following the Great Recession of 2008 by Satoshi Nakamoto.
Both the House and Senate agriculture panels oversee the Commodity Futures Trading Commission.
Thompson said he hopes to involve this group of lawmakers in monitoring cryptocurrency.
Federal requirements would then fall on a registered Digital Commodity Exchange.
The SEC’s role in the process is still to be determined, a Republican policy staffer said.
The typical cryptocurrency investor is under age 40 and lacks a college degree, the NORC survey reports.
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