According to TechFlow, on October 15, Utah Republican Senator Mike Lee pointed out the three major regulatory risks facing the cryptocurrency industry at the Permissionless III cryptocurrency conference: the creation of central bank digital currency (CBDC), decentralized state regulations, and strict federal supervision.

Lee stressed that cryptocurrencies should be considered mediums of exchange rather than securities or commodities, and he advocated that capital gains on them should not be taxed.

Congressman John Curtis echoed Lee’s sentiments, criticizing excessive government intervention and expressing concerns about CBDCs.