Warren Davidson Disagrees with U.S. Treasury's Crypto Policy Proposals
Warren Davidson, Vice Chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion of the House Financial Services Committee, has rejected the policies put forward by the U.S. Treasury to regulate crypto assets. In an opinion post titled "Setting the record straight and debunking unworkable illicit finance proposals," Davidson argues that these suggestions, similar to those presented by Sen. Elizabeth Warren, aim to hinder the cryptocurrency industry in the United States.
Classifying Crypto Participants as Financial Institutions
The proposed policies would categorize wallet providers, miners, validators, and other network participants as a new group of crypto financial institutions. This classification would subject them to the same reporting standards as traditional financial institutions.
Davidson criticizes Sen. Warren's claim that even validator node operators pose national security concerns, stating that this demonstrates a level of ignorance that is unbecoming of a policymaker.
The Objective Behind the Measures
Davidson believes that these measures are an attempt to effectively ban digital assets in the United States by burdening the industry with unworkable compliance requirements. He argues that the goal is to capitalize on the lack of understanding surrounding crypto assets.
Challenging the Link Between Cryptocurrency and Terrorism Financing
Davidson emphasizes that blockchain and cryptocurrency are not the preferred methods for terrorism financing, contrary to recent media reports. He highlights the incorrect claim that the terrorist group Hamas raised over $93 million in digital assets. He suggests that this misinformation has been used to support policies that aim to dismantle the future of the crypto industry in the United States.
Promoting Crypto Companies in the U.S.
Davidson argues that instead of implementing these policies, the focus should be on attracting more crypto companies to the United States. He warns that the proposed framework will only drive companies and capital offshore if approved, making it difficult to achieve the goal of combating illicit activities in the crypto space.
What are your thoughts on Warren Davidson's stance on crypto regulation? Share your opinions in the comments section below.
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Statistics
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How To
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By: Sergio Goschenko
Title: Warren Davidson Rejects U.S. Treasury's Crypto Policy, Calls it ‘Dishonest'
Sourced From: news.bitcoin.com/congressman-warren-davidson-rails-against-treasurys-red-herring-arguments-on-crypto/
Published Date: Fri, 12 Jan 2024 06:30:25 +0000
