The best and worst statements from the U.S. Congressional hearing on ICOs and Crypto
There were some terrible statements made during the U.S. Congressional hearing on ICOs and Crypto, highlighting just how uninformed and biased many of our congressional and state leaders are around all things Bitcoin and Blockchain. Here was the worst of the worst (h/t to @Coindesk for the twitter recaps)
1). Carolyn Maloney (D-NY): "When the [cryptocurrency] bubble inevitably bursts"
2). Brad Sherman (D - CA): "A currency is both a store of value... and a medium of exchange ... is there any reason why I would need a cryptocurrency to pay for my groceries or anything else that wouldn’t be adequately served by using dollars?”
3). Brad Sherman (D-CA): "Maybe we'll have another hearing after a terrorist event financed by $Crypto"
Here are some statements from some of the folks that understand how to properly approach innovation and exploration of regulation on technological advancement:
1). Tom Emmer (R - MIN): "I hear elected officials who don't have any concept of what we're dealing with here ... talking about 'we have to go in and regulate."
2). Van Valkenburgh: "The first thing I'd point out is this is a global technology."
3). Ted Budd (R - NC): "Regulation in this space is something that the U.S. has to get right, because poor or rushed policy in cryptocurrencies really threatens our reputation in finance and technology."
There is a clear need for U.S. representatives to increase their understanding in this space before they enact wide-sweeping laws and regulations.