The US Treasury Department’s suggested regulations for the burgeoning cryptocurrency industry received strong resistance from Rep. Tom Emmer (R-Minn.), a Republican lawmaker representing the House Financial Services Committee. Initially reported by The Block Crypto, the proposed tools for the Treasury included amplifying of control and authority over dollar-based stablecoins but with it, a warning was voiced from Emmer against giving into the self-proclaimed savior on a white horse. According to the Minnesota House Representative, the underlying concern was in the tarring of the crypto industry into the embedded security and surveillance apparatus.
At the Blockchain Association Policy Summit, Emmer pointed out the importance of accuracy where crypto and terror financing are concerned. On the other hand, Senator Cynthia Lummis (R-Wyo.), member of the Senate Banking Committee, took on a reserved position, promising to heavily assess some of the proposed regulations with clarity, such as those concerning mixers and tumblers.
Earlier in September, Emmer expressed dissatisfaction with SEC Chairman Gary Gensler on Wednesday implying bias of invention for large financial institutions.
As evidenced by Bitcoin BTC/USD at the time of writing being quoted at $37,944 ZAR with a 1.44% sway from the last 24-hours as reported on Benzinga Pro, Santa Claus appear to indeed still be in full effect for the crypt ecosystem and investors would be glad to be “protected”-to a measure.
