Citing a lack of deep understanding of cryptocurrency among lawmakers, US Congressman Jim Himes says Congress is not ready to pass cryptocurrency legislation anytime soon. “There is going to be a lot of discussion about ways to regulate cryptocurrency in the coming years”, the Congressman said.
Cryptocurrency law not expected soon from Congress
US Representative Jim Himes has revealed some of Congress’ discussions about cryptocurrency law in an interview with Yahoo Finance on Friday. The Connecticut representative serves as the chairman of the National Financial, International Development and Monetary Policy Subcommittee of the House Financial Services Committee. He previously worked at investment bank Goldman Sachs for 12 years.
His crypto comments came as soon as the US Treasury published Proposal Businesses are required to report crypto transactions above $ 10K to the Internal Revenue Service (IRS).
Himes said that Congress is not ready to take action on the crypto law anytime soon. “Most of my colleagues do not have a deep understanding of cryptocurrency, what they can do, what the threats are,” he insisted, adding that “Congress has not spent a lot of time on this.” The legislator explained in detail:
Therefore, for better or worse, legislation is not going to be passed any time soon from the United States Congress.
“That said, more and more of my colleagues are becoming aware,” he continued. Congress also has a pro-bitcoin senator, Cynthia Loomis, who has sworn Show her friends There is a large stock of bitcoin value in Congress. She also plans to convince the Treasury Secretary Janet Yellen same.
Congressman Himes went on to describe the congressional environment surrounding crypto discussions, referencing the Nobel laureate Paul krugmanA recent opinion piece published in The New York Times, which he said was “relatively well illustrated.”
Himes described, “Innovative ideas, it’s interesting, what it actually does, what problems it solves.” Stating that “drug dealers, human smugglers, [and] Potential terrorists “are very clear to him, he reiterated,” Tell me what the other benefits are. “The congressman said,” This is the general atmosphere in Congress where people are saying ‘Tell me again what good about cryptocurrency’ Is, what problem does it solve. “
However, Himes insisted:
Do not get me wrong, that does not mean that there is an attempt to ban it.
He hopes “there is going to be a lot of discussion in the coming years about ways to regulate, how to tax, etc. – all of the things that cause the government to tamper with something like cryptocurrency.”
“In a big frame of reference, stacking in cryptocurrency, GameStop bubble, Robinhood, SPAC, I can list 12 things for you that I think are largely a function of not just deep fundamental investment research but The amount of liquidity, “he said, pay attention:
I do not know that those things necessarily need to be regulated. I am not saying that.
“But it is very clear to me that there are a lot of people out there who believe that trees grow in the sky and that when we look at some kind of bear market or something there will be a very expensive education on the downside of instability. Wealth. The type of price slump. Many people are going to get very expensive education when this happens, “warned the Congressman.
What do you think about Congress Himes’ statements on cryptocurrency? Let us know in the comments section below.
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