The delegate of Maryland Adrian Boafo and the deputy for New York Clyde Vanel urged the best Democratic legislators to establish a federal regulatory framework for cryptocurrency.
Legislators have warned in a letter that the inconsistent laws of states could hinder financial innovation. They approached the Senators Elizabeth Warren and Amy Klobuchar, as well as the Maxine Waters and Angie Craig representatives, stressing the need for complete legislation during the 119th congress.
Legislators have underlined New York regulatory leadership with its Bitlidense program and its digital currency working group, alongside recent legislative efforts in Maryland.
They stressed that at least 35 states, Washington DC and Puerto Rico introduced laws related to cryptography, creating a fragmented regulatory landscape.
Limit financial freedom for Americans
“Without federal action, this fragmented approach will only grow, creating uncertainty for businesses and limiting financial opportunities for millions of Americans,” they wrote.
Boafo and Vanel stressed that federal inaction makes consumers vulnerable to fraud and market instability.
They also noted that the adoption of the crypto increases, in particular among the communities historically ill-served, citing the conclusion of the Federal Kansas City reserve according to which black investors are more likely to have a cryptocurrency than traditional actions.
The letter provided for a bipartite framework to protect consumers, support responsible innovation and maintain the United States as a leader in digital finance.
The letter was reported for the first time by Crypto in America.
