By Pete Schroeder and Katanga Johnson
WASHINGTON (Reuters) – Top executives at six cryptocurrency companies will tell the US Congress on Wednesday to exercise caution in imposing new rules on digital assets — or there is a risk that activities will migrate halfway into the dark or out. from the country.
Prior to a hearing at the US House Financial Services Committee, executives who lead some of the world’s largest cryptoactive companies have indicated in prepared testimony that they will support clearer industry rules. But they will emphasize that overly restrictive ones would not stifle activity, but only move it out of the state’s reach.
“Without tailored legislative solutions and openly debated with public participation, the United States can impose unnecessarily onerous and frightening laws and regulations,” warned Alesia Haas, chief executive of Coinbase, in testimony released Tuesday.
“This could effectively push the cryptoactive activity to ‘under the table’ or to foreign exchanges, which have little or no ‘compliance’ program (practices in line with norms and laws, in free translation).
The testimony, published before the hearing, sets the stage for what is expected to be a major and closely watched event as US lawmakers publicly pressure cryptocurrency industry executives.
The rapid growth of cryptocurrencies and, in particular, of “stablecoins”, digital assets whose value is pegged to traditional currencies, has caught the attention of regulators, who fear putting the financial system at risk if not properly monitored.
Some policymakers, such as Senator Elizabeth Warren and Securities and Exchange Commission Chairman Gary Gensler, are also concerned that the products could be used for illicit purposes or to take advantage of unsuspecting consumers.
Executives say the US should play a leading role in promoting this technology, just as US rules allowed the internet to flourish in the 1990s.
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