Here’s Why a Politician Says U.S. Must Smarten Up on Crypto Regulation

Despite the large number of crypto-centric companies founded and based in the U.S. — like Coinbase, Kraken, and so on and so forth — American regulation hasn’t been all too kind to the budding industry around Bitcoin over the past few years.

Blockchain firms are fined millions by the Securities and Exchange Commission (SEC) and digital asset service providers are heavily regulated due to fears of money laundering and other illicit acts.

While many of these moves are often made to reduce crime and protect investors, there’s been a trend of crypto companies shifting their strategy around the U.S. to attempt to fit in: the Goldman Sachs-backed crypto upstart Circle set up shop in Bermuda due to regulation, and prominent exchanges like Binance and Huobi have been forced to dramatically reshift their rules for American investors, cutting volumes dramatically.

According to Congressman Warren Davidson, one of the most crypto-active U.S. politicians, the legislature around…