Utah Republicans resist government oversight of cryptocurrency
Utah’s Republican senator Mike Lee highlighted three potential threats to the cryptocurrency industry on Friday. These include the possibility of a central bank digital currency, inconsistent state regulations, and heavy-handed federal oversight.
During the Permissionless III crypto conference in Salt Lake City, Lee emphasized the serious risks that these outcomes pose to the rapidly growing digital assets sector. He and fellow Republican congressman John Curtis criticized both federal and state regulation of digital assets, warning that it could hinder the growth of the crypto industry through financial surveillance.
“Instead of targeting you, we should be your guardians,” Curtis remarked on the government’s role.
Lee passionately defended cryptocurrency’s role as a medium of exchange and disputed its classification as a security, which has been a point of contention with the U.S. Securities and Exchange Commission. Lee argued, “Cryptocurrency is not a security or a commodity, but a means of exchange.” He even suggested that capital gains on cryptocurrency transfers should not be taxed.
The speech also took aim at central bank digital currencies (CBDCs), which governments worldwide are considering to optimize payment systems and address instability and fraud associated with traditional cryptocurrencies. While China has already initiated a CBDC program, the U.S. is still evaluating the feasibility of a domestic CBDC. The crypto industry generally views CBDCs as a potential threat to financial freedom.
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