Ron Wyden, U.S. Senator from Oregon and Chair of the U.S. Senate Committee on Finance, has warned against the regulatory crackdown on bitcoin and crypto. Meanwhile, the Biden Administration is at the forefront of preventing unregulated crypto activity, especially on popular trading platforms such as Coinbase.
Democrat Ron Wyden Supports Innovation in Bitcoin and Crypto
Senior Democrat Wyden believes innovation must not be curbed under stricter regulations. Considering the present consequences, he thinks cryptocurrencies can be beneficial to someone who needs financial help in an emergency.
Recently, Ukrainians have raised tens of millions of dollars in cryptocurrency to help in the fighting. They’re also being used to fund humanitarian efforts in Ukraine.
“There is obviously a debate [about stricter regulation] but I want to be on the side of the innovator. When I think about crypto I think about remittances or somebody who has a kid 1,000 miles away and wants to get them help in an emergency, rather than going through scores of banks, credit card companies.”
“I keep looking for innovations,” he added. “That’s where my heart lies.”
Ron Wyden, known as one of the architects of US internet regulation, urged members of his party to protect crypto innovators despite concerns about fraud and money laundering within the industry.
Strict Stance of the Biden Administration Against Crypto
On March 4, Digital payment company Block, run by CEO Jack Dorsey, was put under investigation by the Consumer Financial Protection Bureau and several state attorneys general regarding its Cash App service.
The CFPB has requested information from Block, including details on Cash App’s handling of “customer complaints and disputes,” according to the report.
Furthermore, Last week four senior Democratic senators wrote to Janet Yellen, the Treasury secretary, expressing their concern that cryptocurrency was being used to evade international sanctions. Ron Wyden compares crypto and bitcoin to the Internet in its infancy.