The US Rep. Tom Emmer, a known crypto advocate, believes the leading cryptocurrency bitcoin’s main advantage over the dollar, the digital dollar, and even Facebook’s Libra is its decentralization. In an interview with Morgan Creek CEO Anthony Pompliano, Tom Emmer argued that all the other alternatives mentioned have someone in control while bitcoin is decentralized. I prefer that if we’re working on a cryptocurrency, you are in control of your wallet, I am in control of my wallet, and you and I are doing the exchange between us with no big brother watching,” Emmer said.
Bitcoin will follow the path of least resistance in terms of the regulation.
Tom Emmer, who is a known crypto advocate, cited how Know-Your-Customer (KYC) rules have become very stringent to the point that opening an account requires the bank to see the person’s transactions from another bank. Emmer thinks that the leading cryptocurrency will follow the path of least resistance when it comes to regulation. He cited a bill that they are working on that would not require crypto companies to have a money transmitting license in every state in the country.
CFTC claims to develop a holistic framework for the crypto industry.
The US CFTC Chairman Heath Tarbert unveiled the plan, remarking that this is a bipartisan, consensus plan that can stand the test of time. It will guide the last of the regulator’s unfinished business to completion and better position the agency to tackle the unwritten future. The plan that was approved by the US CFTC in May and subjected to a 30-day comment period in June intends to address the risks and opportunities that 21st-century commodities present. The regulators claimed that it plans on developing a holistic framework to promote responsible innovation in digital assets.
