US lawmakers fear that cryptocurrency will become a financial “11th September “could be

US lawmakers fear crypto may flip into a financial “9/11” if rep Tedd Budd appears on MakerDAO’s Maker Speaker Series to talk about defi, crypto and regulations as we look more into our latest crypto today -Read messages.

Rep. Ted Budd is a member of the Congressional Blockchain Caucus and said that some members of the House Financial Services Committee are concerned about DeFi and blockchain. Cryptocurrencies have been the topic of conversation in Washington for the past few weeks as Treasury Secretary Janet Yellen and Fed Chairman Jerome Powell met behind closed doors to discuss the dangers of stablecoins. SEC Chairman Gary Gensler said that crypto stocks are securities and that Senator Elizabeth Warren is pushing for regulations to protect retail investors from crypto fraud.

Rep. Ted Budd is a member of the House Financial Services Committee and the Congressional Blockchain Committee who thinks it is getting too sizzling for House lawmakers:

“There are some on the Senate aspect and a few on the House aspect who’re scared, particularly on the subject of currencies, blockchain, decentralized finance and their evolution … is it going to hurt anybody? Our nationwide sovereignty, does it destabilize the greenback, is it a menace to nationwide safety? You even have some in the home who sit a quick distance from me on the House of Representatives Financial Services Committee, which might primarily discuss with blockchain as financial 9/11. “

Budd did not name the dreaded US lawmakers, but what is clear is that Presidents Maxine Waters and Rashida Tlaib have positioned themselves as crypto-skeptics. Waters called on the Office of the Comptroller of the Currency to repeal rules that allow state banking regulators to keep crypto assets in custody, and Tlaib introduced the Stability Act, which requires stablecoin issuers like Circle to have banking regulations in place while maintaining adequate reserves in accordance with standard FDIC. The committee’s oversight and inquiry hearing earlier this month raised concerns that the expansion of cryptocurrency trading could lead to a financial crisis that led to the subprime mortgage crisis in 2008, but it also provides lawmakers with an opportunity to question crypto experts directly.

Budd suggests that crypto innovations like decentralized funding will allow people to lend, borrow, and transact without letting an intermediary like a bank handle money without putting national security at risk. On the contrary, he argues that the US runs the risk of losing its hegemony if it does not embrace new technologies:

“It will grow, and I’d rather grow it here in America than… in other countries that may be hostile to us. So I want it on our shores so that we have a regulatory framework in which people can expect what the future will be and they can thrive within that framework. “

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