US Congressman Bill Huizenga has recently stated that lawmakers need to pay greater attention to crypto-trading and ICO markets, calling them “muddied and fairly opaque”. He says that ensuring the security of cryptocurrency traders is a priority, and the Congress needs to join hands with regulatory authorities to realise this.
The Michigan-based Republican has said that regulatory authorities like the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) should put crypto-markets under surveillance in the same way that they do with the present traditional finance market.
Huizenga stated in an interview at his office that it is absolutely essential that authorities reach a decision regarding the categorisation of cryptos. According to him, lawmakers in the country are yet to conclude how they wish to regulate cryptocurrencies.
“Everyone’s trying to figure out whether it’s fish or fowl. It turns out it might be a platypus. It’s kind of an unknown, or something sort of in between. How do we deal with that?”
Although officials may not have reached a clear consensus, they have already sent out several warnings and circulars on crypto-based scams. Lawmakers all over the country are of the opinion that proper regulatory supervision is necessary for increased transparency and the security of investors, mostly due to abusive activities. However, they haven’t yet decided on what kind of regulations are to be enforced.
Notably, Huizenga has made these statements about the crypto-market around the same time as when Nasdaq, one of the largest exchanges in the world, reportedly conducted a closed-door meeting with crypto experts and Wall Street analysts. If unnamed sources are to be believed, the Winklevoss twins’ brainchild, the Gemini crypto exchange had also sent their representatives to the meeting.
It would appear that everyone, from crypto enthusiasts to finance professionals to regulators, are trying to work to better understand and help others understand the rapidly expanding crypto-industry. Despite recently having rejected the Winklevosses’ application for a Bitcoin ETF, chairman of the SEC Jay Clayton has recently stated that decentralised coins like BTC and ETH