Congressman lashes out at peers who believe crypto could trigger financial September 11

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Representative Ted Budd from North Carolina, a member of the House Financial Services Committee and the Congressional Blockchain Caucus, urged lawmakers to embrace decentralized innovation.

In what appears to be the first time an elected official has encountered a Decentralized Autonomous Organization (DAO), Budd acknowledged the growing concern among lawmakers about crypto during an interview with MakerDAO chief Chris Cameron. , July 29.

There are some on the Senate side and others on the House side who fear, especially when it comes to currency, blockchain, decentralized finance and its evolution, he said.

The fear is whether this will harm our national sovereignty? Will this destabilize the dollar? Is this a threat to national security? ”He added.

You even have some in the House who sit not too far from me on the House Financial Services Committee who would call blockchain essentially a financial September 11.

Budd called the concerns of his peers myopic, warning rivals the United States could benefit if local lawmakers take a hostile and exclusionary stance on digital assets.

“I think we have to be very open to that. We have to make the United States the place where this technology flourishes,” he said.

It’s a new technology that’s going to evolve, and I’d rather evolve here in the United States than in Singapore or Estonia, or other countries that might be hostile to the United States. [] I prefer it to be on our shores.

Responding to a question from Cameron asking how a decentralized entity can better engage lawmakers, Budd admitted that many decentralized projects don’t know who to call to contact regulators.

There is a lot of innovation, but there may also be no coordination when it comes to government affairs, he noted.

Budd urged DAOs to reach out and schedule meetings with lawmakers, but warned: I would come and not talk to these folks about tech.

If you can explain it very clearly, ask them what they think about these things. Submit questions in advance, we are quite accessible.

Related: Western Countries Need Better Public-Private Cooperation On Crypto, Says Mohamed El-Erian

The conversation came as stablecoins were increasingly scrutinized by lawmakers, with U.S. Treasury Secretary Janet Yellen calling for more regulatory oversight of the stablecoins industry at a July 19 meeting of the Presidents’ Task Force on Financial Markets.

On July 27, the acting currency controller Michael Hsu announced ongoing investigations examining the alleged commercial paper reserves of the largest stable currency by market capitalization, Tether (USDT).

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