Coinbase and Robinhood sent representatives to speak before Congress. They will talk about the problems caused by the lack of regulation of digital currencies in the United States.
Coinbase CEO Brian Armstrong announced that his company has no plans to leave the American jurisdiction for now.
However, she expects that the country’s government will take measures to legalize the blockchain industry. The emergence of a regulatory framework will contribute to the development of the US economy. The state will be able to maintain its status as an IT giant.
Representatives from Coinbase and Robinhood will try to convince Congressmen of the need to introduce regulatory legislation.
CFTC Chairman Rostin Behnam and Paul Grewal, Coinbase's head of legal, will appear before the House Agriculture Committee.
Former CFTC Chairman Christopher Giancarlo and former CFTC Commissioner Dan Berkovets will also give presentations.
Paul Grewal emphasized:
The US is lagging behind and we cannot ignore cryptocurrencies. Other markets are already taking advantage of the lack of regulation in the US. The legislation will allow the industry to develop, create jobs and stimulate investment, as well as maintain its leading technological position.