Warren Davidson Rejects U.S. Treasury’s Crypto Policy Proposals
Warren Davidson, Vice Chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion of the House Financial Services Committee, has criticized the policies put forward by the U.S. Treasury to regulate crypto assets. In an opinion piece titled “Setting the record straight and debunking unworkable illicit finance proposals,” Davidson argues that these proposals aim to disarm the cryptocurrency industry in the U.S., much like the suggestions made by Sen. Elizabeth Warren.
New Compliance Requirements for Network Participants
Under the proposed policies, wallet providers, miners, validators, and other network participants would be classified as a new group of crypto financial institutions and subjected to the same reporting standards as traditional finance institutions. Davidson dismisses Sen. Warren’s claim that even validator node operators pose national security concerns, calling it an ignorant view.
An Attempt to Ban Digital Assets in the U.S.
Davidson believes that these measures are an attempt to effectively ban digital assets in the United States by imposing unrealistic compliance burdens. He also refutes the notion that blockchain and cryptocurrency are preferred methods for terrorism financing, citing the incorrect media reports about Hamas raising millions in digital assets. He argues that these policies will drive companies and capital offshore, hindering the growth of the crypto industry in the U.S.
Hot Take: Davidson Challenges U.S. Treasury’s Vision for Crypto Regulation
Warren Davidson, Vice Chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion of the House Financial Services Committee, criticizes the U.S. Treasury’s policies on crypto assets, describing them as dishonest and unworkable. He argues that these proposals aim to ban digital assets in the U.S. by burdening the industry with excessive compliance requirements. Davidson also disputes claims that blockchain and cryptocurrency are favored by terrorists for financing, pointing out inaccuracies in media reports. He suggests that instead of discouraging the crypto industry, efforts should be made to attract more companies to the U.S. However, he believes that the proposed policies will only drive companies and capital offshore, undermining the future of the crypto industry in the country.
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