US congressman: “You can't compare cryptocurrencies with “financial 11 september”» – Bits Media

Congressman Ted Budd criticized American politicians, fearful of the blockchain, stablecoins and decentralized finance. Budd thinks, that they need to be developed.

In recent weeks, US politicians and lawmakers have been paying a lot of attention to cryptocurrencies.. Senator Elizabeth Warren calls on the US Department of Finance to the urgent development of the regulation of the cryptocurrency industry. She is afraid, that Defi is already becoming part of the financial system, And this poses a threat to banks.

US Department of Finance Janet Yellen (Janet Yellen) Also tuned against cryptocurrencies, Considering, that they are used only to make cyber attacks, terrorism and drug trafficking. Member of the House of Representatives Ted Badd (Ted Budd) sure, that the fears of legislators are in vain, And they should not interfere with the development of innovation.

“Some members of the Senate and the House of Representatives are convinced, that cryptocurrencies, Blockchain and Defi can violate our state sovereignty, destabilize the dollar and even threaten national security. Next to me in the Committee of the House of Representatives there are even those, which call blockchain "financial 11 September ", Equating it with a terrorist act ", - said Badd.

He considers, that Defi protocols, allow people to take loans and trade without the participation of banks, do not pose a threat to the security of the country and economic stability. According to the congressman, The United States risks losing a dominant position in the financial market, if they continue to resist the latest technologies.

"One way or another, blockchain and cryptocurrencies will develop, and I would prefer, so that they develop in the USA, than in other countries, which may be hostile to us. Therefore, we need a clear regulatory framework for the development of the ecosystem of cryptocurrencies ", - added Badd.

There are other American politicians, who do not take a hard line against cryptocurrencies. For example, recently U.S. Congressman from Alabama Barry Moore (Barry Moore) invested in DOGE, ETH и ADA.