Committee members discussed the perceived risks for cryptocurrencies
A group of expert witnesses and members of Congress talked about the risks and rewards osf cryptocurrency investments yesterday. Some members talked about the risks involved in crypto investments, while others highlighted the benefits.The hearing, held by the subcommittee on oversight and investigations, invited crypto and financial experts to testify on the risks and opportunities present in the market.
Rep. Brad Sherman, a long-standing critic has his say too. He said that cryptocurrencies are highly volatile, with only a few making money from the market: “Cryptocurrencies are highly volatile, so if one person makes a million dollars and retires at age 45, and nine lose $100,000 – Coinbase makes money, and one millionaire goes on TV and says how wonderful it is, and nine others do not retire with dignity, but instead become eligible for Medicaid.”
The Congressman added that he perceives cryptocurrency investment to be a bet. If people prefer to take risks and bet, Sherman said they should do so by investing in the stock market as that would help build American companies.
Cryptocurrencies offer excellent benefits to investors and innovators
Some of the committee members are in support of cryptocurrency investments. Rep. Tom Emmer said he is concerned that regulatory interference is making it tough for Americans to benefit from the opportunities in cryptocurrency entrepreneurship.He said, “Over the last few years, I’ve been fortunate to meet with many great crypto and blockchain innovators. A common refrain during our discussion is that they so badly want to develop their crypto and blockchain ideas right here in the United States. But they don’t because of continuing uncertainty with crypto regulation.”
Some countries, such as the UK, have started taking an active approach towards regulating cryptocurrency activities. It would be interesting to see how the US approaches crypto regulation in the coming months and years.
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