Executives at some of America’s largest cryptocurrency exchanges have advised the U.S. government to be cautious about the kind of regulations it plans to introduce for digital assets.
They said that while they were open to drawing up clear rules, strict rules would either send crypto activity underground or even take it away from the United States.
This comes ahead of a scheduled meeting between the executives of America’s largest cryptocurrency exchanges and a panel appointed by Congress.
Alesia Haas, chief executive of Coinbase, said, “Without tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily onerous and chilling laws and regulations. This could effectively push crypto activity underground or to offshore exchanges that have little or no compliance programs.”
The need to protect the crypto market from exploitation by cybercriminals, among other things, was a top priority for the U.S. government.