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Senior Democrat Ron Wyden Claims U.S. Should Not Crack Down on Crypto

Mon, 03/07/2022 - 15:55
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Vladislav Sopov
Senate veteran Ron Wyden warns his colleagues against imposing new anti-crypto regulations
Senior Democrat Ron Wyden Claims U.S. Should Not Crack Down on Crypto
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Ron Wyden (D-Ore.), one of the most influential Democrats in the U.S. Congress, is going to protect the crypto segment from another witch hunt.

Sen. Wyden is on the side of the innovator

According to a statement shared by Financial Times, Senator Wyden has warned Congress about the dangers of anti-crypto regulation:

Being the architect of the first Internet regulatory designs in the U.S., Mr. Wyden compares cryptocurrencies to the early-stage Internet when protecting it against crackdowns:

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.That's where my heart lies.

Senator Wyden's speech comes amidst another round of discussions about cracking down on unregulated trading platforms like Coinbase.

Congressman Slams SEC for Rejecting Fidelity's Bitcoin ETF

As covered by U.Today previously, Mr. Wyden's stance echoes that of his colleague Tom Emmer (Rep.-Mn.). Sen. Emmer repeatedly cricitized the position of the U.S. SEC, which refuses to greenlight Bitcoin spot ETF.

Global regulators send mixed signals

In Q1, 2022, regulators across the globe were issuing various pro-crypto and anti-crypto laws and bills. For instance, India proposed regulating crypto like casinos with a 30% income tax.

Crypto Now Legal in India, Here Are Tax Rates

Two weeks later, the deputy governor of India's central bank proposed banning Bitcoin (BTC) and cryptocurrencies again.

While the final decision is yet to be made, a crypto ban looks like the "most advisable choice" for the Indian financial watchdog.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)