George Nethercutt, a former US Representative, in a recent op-ed on Monday, Jan. 14th 2019, contributed his political opinions on United States regulators’ approach towards cryptos.
Nethercutt, a former Republican member of the United States House of Representatives from 1995 to 2005, representing Washington’s 5th congressional district, now serves as founder and chairman of Nethercutt Consulting LLC and as a founder of his nonpartisan nonprofit, The George Nethercutt Civics Foundation.
Nethercutt, who was reviewing US policies both at home and abroad in his recent op-ed, compared the actions of the State Department and those of the regulators. He wrote that while diplomats at the State Department are leaving no stone unturned in their bid to pave the way for American innovation, US regulators such as the US Securities and Exchange Commission (SEC), are a tad slow in their approach to giving a clearer picture about cryptocurrencies. Continuing further, he wrote that this slow-paced approach of the regulator has hampered innovation & new ideas and left many American businesses in a regulatory dilemma, particularly when it comes to tokens’ classifications, on whether or not their tokens are classified as securities.
The SEC is being continuously criticized by many involved in the cryptocurrency market space, for its focus on targeting noncompliance among crypto companies using outdated securities laws, eventually placing cryptocurrencies at a major disadvantage.
Continuing Nethercutt wrote that from a legal perspective, many experts have concluded that bringing cryptos under securities regulations will do more harm than good, and it’s high time policymakers realize this to allow innovations to flourish in the crypto space.