The representatives of the US cryptocurrency industry have threatened the Congress with the transfer of business abroad

In Washington, a meeting of legislators with 50 representatives of the cryptocurrency industry was held. Among them, there were businessmen, top managers of leading companies, the heads of organizations from Wall Street and venture funds. All of them urged the Congress to pay attention to the issues of industry regulation and to solve existing problems.

Mike Lempers, the chief lawyer and risk manager of Coinbase in San Francisco, pointed out that they want fair market relations that would be legislated. However, the existing regulatory tools leave much to be desired. Several companies warned the government that if the issue is not resolved, they will have to transfer the business abroad. It will naturally deprive the US budget of one of the financial inflows.

The claims of the representatives of the cryptocurrency industry concern the outdated legislative base, which is used by the US Securities and Exchange Commission. The law, which comes from the decision of the Supreme Court of 1946, is more than 70 years old. In his opinion, the SEC believes that all cryptocurrencies are securities. The only exceptions were Bitcoin and Ethereum. The initiative group asked the Congress to withdraw the status of securities from virtual assets. After all, the SEC punishes not only the evident fraudsters, but also those who simply could not register correctly.

Because of the negative attitude of the authorities to cryptocurrencies, many American companies are forced to work abroad. In spite of this, the representatives of the initiative group do not lose hope. They are convinced that a change in regulatory tools will recover lost and lead the United States into the leaders in innovation and their application.