US Senator Warns Against new Crypto Bill

A U.S Senator from Utah, Mike Lee, has raised concerns on the $1.2 trillion infrastructure bill, saying its adoption would further stifle innovation and increase poverty rate amongst Americans.

In a Senate session on Saturday, Mike Lee outlined his worries about several provisions in the $1.2 trillion infrastructural bill. Particularly the provision about cryptocurrency, which he described as an evolving industry in the country.

While the crypto provision requires those buying and selling crypto to treat like securities, he argued that cryptocurrencies are “very different than securities.” He goes on to explain the effects of its adoption on innovation, saying that “what you’ll see is the flight of innovation, and investments related to innovation, to offshore locations around the globe.”

Conclusively, he warned against the implementation of unbefitting regulatory policies to a completely different space.

According to him, “if what you’re going do is take away that value by requiring that all of it be registered and publicly disclosed by giving the federal government the ability to peer into it, you’re going to stifle innovation, you’re going to make a lot of people upset, and you’re going to make Americans poorer.”

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