Maryland Delegate Adrian Boafo and New York Assemblyman Clyde Vanel have urged prominent Democratic lawmakers to establish a national regulatory framework for cryptocurrency.
In a correspondence directed to Senators Elizabeth Warren and Amy Klobuchar, along with Representatives Maxine Waters and Angie Craig, the legislators cautioned that varied state laws could hinder financial progress.
The correspondence highlighted the necessity for unified legislation during the 119th Congress, showcasing New York’s notable regulatory initiatives, including its BitLicense program and digital currency task force, alongside Maryland’s recent statutory actions.
The lawmakers pointed out that over 35 states, in addition to Washington D.C. and Puerto Rico, have enacted crypto-related statutes, resulting in a disjointed regulatory environment.
“Without national intervention, this fragmented strategy will merely expand, generating uncertainty for enterprises and limiting economic opportunities for millions of Americans,” they remarked.
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Boafo and Vanel conveyed that the absence of federal supervision leaves consumers vulnerable to potential scams and market fluctuations. They also highlighted the rising adoption of cryptocurrency, particularly among historically underserved communities, referencing a Kansas City Federal Reserve study that revealed Black investors are more inclined to possess cryptocurrency than conventional stocks.
The correspondence called for a bipartisan framework designed to safeguard consumers, encourage responsible innovation, and ensure that the United States remains a leader in digital finance.