Senior Democrat warns against tough clampdown on crypto

2022/03/07 12:36

One of the Senate’s most powerful Democrats has warned his colleagues against cracking down too hard on the booming cryptocurrency industry, likening it to the internet in its infancy. Ron Wyden, chair of the Senate finance committee and one of the architects of US internet regulation, urged members of his party to protect crypto innovators despite concerns about fraud and money laundering within the industry. Wyden told the Financial Times: “There is obviously a debate [about stricter regulation] but I want to be on the side of the innovator. When I think about crypto I think about remittances, or somebody who has a kid 1,000 miles away and wants to get them help in an emergency, rather than going through scores of banks, credit card companies."
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