Cryptocurrency industry bigwigs join call for ‘regulation’
Nasdaq, Fidelity, Kraken, CoinList, Coinbase, Consensys and Ripple were among the industry headliners meeting with US lawmakers exploring regulations for the cryptocurrency market on Tuesday.
Bigger names in the industry were joined by venture capitalists and startups at the “Legislating Certainty for Cryptocurrencies” meeting held in Washington, D.C.and hosted by Rep. Warren Davidson (R-Ohio).
Davidson said on CNBC that key was “not to start legislating before we start listening” explaining that market participants required “some sort of certainty…and the credibility that legislation brings to prevent fraud.”
Light touch balance
The goal of the recent meeting was to edge closer to regulating cryptocurrencies and the market ahead of the drafting of three bills to support blockchain technology and cryptocurrencies introduced on Monday by Minnesota Congressman, Tom Emmer.
The bills are attempting the delicate balancing act of ‘light touch’ regulation that encourages the industry while protecting consumers.
Lawmakers have reached out to cryptocurrency experts and startup leaders in order to gather their ideas about the industry’s future. Representative Davidson wrote to participants stating their “input is critical to helping us preempt a heavy-handed regulatory approach that could stall innovation and kill the US ICO market.”