He is testifying before the US Senate Banking Committee in a bid to convince them that the US needs to adopt proper regulation policies that establish digital assets as a new asset class before the country falls behind the rest of the world in terms of developing the technology.
Allaire is calling for Congress to treat digital assets as a separate class because current regulatory frameworks present burdens that could complicate how US companies conduct business.
In his testimony, Allaire notes: “It is vital we allow innovators and digital assets projects room to grow and develop here in the United States. Congress should adopt national policies that define and establish digital assets as a new asset class and develop appropriate rules and exemptions for digital assets.”
He continues to say that his proposal would likely entail legislation that changes the country’s existing commodities, securities, and banking laws, among others.
“Without a sound, pragmatic, and agile national policy framework for digital assets, I am concerned that the United States will not be the world’s leader in this critical new technology, that it will continue to fall behind, and that it will not fully reap the benefits of the economic transformation that digital assets will bring.”
He will be appearing before Congress on July 30, 2019.
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