The tech trade group Chamber of Progress urges US lawmakers for deeds rather than words on blockchain regulation as the cascade of layoffs in crypto jobs is against national interests.
The tech trade group Chamber of Progress called on members of the United States Senate and House of Representatives for regulatory clarity in the crypto space in an effort to prevent firms from leaving the country.
In a Wednesday letter addressed to eight committee chairs in the House and Senate, Chamber of Progress financial policy director Janay EyoCongress to consider moving forward on “substantive legislation to ensure the future of our nation’s crypto industry,” citing concerns about jobs and the country’s position as a leader in global finance.
“Without congressional action, a lack of clear rules and regulations has contributed to the current instability in crypto markets,” said Chamber of Progress. “Some of the companies that have failed took advantage of a lack of clear regulations in the market. Industry leaders have warned that smaller exchanges offering generous margin loans are quietly becoming insolvent.
For the crypto industry, the combination of an unclear regulatory environment and a market downturn have resulted in layoffs, bankruptcies, and even the possibility of moving overseas. To save U.S. jobs, Congress needs to act.
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