Congressman: Current Language for Cryptocurrency is Sloppy, Greater Regulation is Needed

In a recent interview with CNBC’s Squawk Box, Congressman Warren Davidson (R-Ohio), a member of the congressional financial services industry, spoke about cryptocurrency regulation and the complexities surrounding the issues.

Davidson began by announcing that his committee would be hosting a round table with industry leaders in order to gain better insight into the industry and how industry experts feel the technology should be best regulated. He notes that regulation is needed in order to advance the industry and to prevent fraud.

While speaking to the show’s hosts, Davidson explained that current products that are dependent on regulations, like Bitcoin ETFs, tokenized securities, and security commodities, are dependent on having regulatory frameworks put in place in order to ensure the security and safety of investors.

Davidson expressed that the roundtable he is hosting came about after Jay Clayton, the chair of the U.S. Securities and Exchange Commission (SEC), said to him…