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This Is What Needs To Happen To Secure DeFi and Crypto-Friendly Regulations, According to US Lawmaker

US Representative for North Carolina Ted Budd (R-NC) says that the US can adopt crypto-friendly regulations amid fear of the evolution of blockchain and decentralized finance (DeFi).

In an interview on the Maker Speaker Series sponsored by DeFi protocol MakerDAO, the US lawmaker says that some of his colleagues in the House Financial Services Committee are concerned that emerging financial technologies could hurt America’s sovereignty, destabilize the dollar and pose threats to national security.

 

“Some in the House that sit not too far from me on the House Financial Services Committee that would call this blockchain basically a financial 911. I totally disagree with that. I think we need to be very open to this. We need to make the US the place where this flourishes and this develops. 

It’s a new technology. It’s going to evolve and I’d rather it evolve here in the US than in Singapore or in Estonia or somewhere else, not those nations but other nations that could be hostile to us.

I’d rather it be on our shores, and so we have a regulatory framework where people can expect what the future’s going to look like and they can develop within inside that framework.”

The legislator also says that MakerDAO, which maintains and regulates the stablecoin Dai (DAI), and the crypto community should engage with regulators in the industry.

“I would encourage your members to know their legislators in the House, particularly in the US House since it’s a stablecoin and it’s a matter of US currency. Know those that are on the Financial Services Committee – I’m one of them – and know their members of congress.

Maybe you can meet at one of their district offices and call their district director. Ask to set up a meeting. Call their scheduler and ask to get on their calendar for 15 minutes and just propose it.

If you can explain it really clearly, ask how they think about these things, propose the questions ahead of time. We’re pretty accessible. Or even talk to the staff member. If they are on financial services, they’ll have a staff member dedicated to all things financial services. If they’re not, they have somebody on their staff that covers those issues.”

Budd urges stakeholders to reach out to lawmakers, who play a role in policy creation. 

All interests sort of flow through DC because of the regulatory frameworks that come out of this place, out of the laws that come out of this place. But there’s also a lot of relationships that go along with this. So make a trip to DC, get on here, get on the calendars, have a meeting like this.”

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Featured Image: Shutterstock/Konstantin L

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