Updated: Aug 31, 2021
US Congressman Don Beyer. “Digital assets and blockchain technology hold great promise, and it is clear that assets like Bitcoin and Ether are here to stay. Unfortunately, the current digital asset market structure and regulatory framework is ambiguous and dangerous for investors and consumers. Digital asset holders have been subjected to rampant fraud, theft, and market manipulation for years, yet Congress has hitherto ignored the entreaties of industry experts and federal regulators to create a comprehensive legal framework. Our laws are behind the times, and my bill would start the long overdue process of updating them to give digital asset holders and investors basic protections.”
After more than 30 years in Politics, I submit that the former Auto Dealership owner has forgotten the basics of what it takes to stay in business.
You see, in business; you have to give your customer more that a good price. You have to make them trust you and you have to offer a quality product with great value. This does not mean the lowest price. Seems that Don has forgotten that we are the customer of the Government of the United States. We demand quality and we want a great price.
Don seems to have forgotten that most Americans work for their wages and if they do not perform or they don't show up for work, they will be fired. Not so; if you work for the Government. Seems he has forgotten we want good legislation and it needs to address the needs of the people and not just the inner workings of the Fed or Congress. Not just to ensure the bureaucrats stay entreched in power, but that the Government serves the people.
Take a quick read about the proposed legislation and see if it fits your interpretation of good legislation . H.R. 3684
Hopefully , by the time you read this, the SEC will have come to their senses as the CFTC Commissioner argues the "the SEC has no Authority over Crypto. Brian Quintenz tweeted that the SEC has no experience and that pure commodities or thier trading venues are regulated by the CFTC.
We shall see......
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