Without legislative action, regulatory gray area will stunt U.S. crypto industry
On Wednesday, Chamber of Progress released a letter to eight committee chairs in the Senate and House of Representatives urging swift action on regulatory crypto legislation in the face of a downturn for the digital assets industry. While employment in the industry surged during the first two years of the decade, the combination of an unclear regulatory environment and a downturn in the market have resulted in layoffs, bankruptcies, and even the possibility that some companies move overseas.
Read the full letter from Chamber of Progress here.
In order to retain U.S. jobs and leadership in the sector, Chamber of Progress’s Director of Financial Policy Janay Eyo urges congressional committee chairs to swiftly hold hearings analyzing the pros and cons of crypto legislation pending before their committees. From the letter:
“The lack of clear rules from U.S. regulators and lawmakers is driving companies to seek greener pastures overseas, threatening U.S. competitiveness and national interests. With the current blockchain market projected to grow to $67.4 billion by 2026, forcing crypto companies to go abroad would significantly damage U.S. employment gains in this industry over the past few years. These jobs pay well over the median U.S. salary and tend to be remote positions that allow employees to work in any state.”
For more on the regulatory environment faced by U.S. crypto companies, read the Medium post American’s Crypto Industry Needs a Clear Rulebook, by Chamber of Progress CEO Adam Kovacevich.
Chamber of Progress (progresschamber.org) is a new center-left tech industry policy coalition promoting technology’s progressive future. We work to ensure that all Americans benefit from technological leaps, and that the tech industry operates responsibly and fairly.
Our corporate partners do not have a vote on or veto over our positions. We do not speak for individual partner companies and remain true to our stated principles even when our partners disagree.