Congressman Ted Budd has criticized American politicians for fear of blockchain, stablecoins and decentralized finance. Budd thinks they need to be developed.
In recent weeks, US policymakers and lawmakers have been paying a lot of attention to cryptocurrencies. Senator Elizabeth Warren urges the US Treasury Department to urgently develop regulation of the cryptocurrency industry. She fears that DeFi is already becoming part of the financial system, and this poses a threat to banks.
US Treasury Janet Yellen is also opposed to cryptocurrencies, believing that they are used only for cyberattacks, terrorism and drug trafficking. Member of the House of Representatives Ted Budd (Ted Budd) is confident that the concerns of lawmakers are unfounded, and they should not interfere with the development of innovation.
“Several members of the Senate and House of Representatives are convinced that cryptocurrencies, blockchain and DeFi can violate our state sovereignty, destabilize the dollar and even threaten national security. Next to me on the House Committee there are even those who call the blockchain “financial 9/11,” equating it to a terrorist act, “said Budd.
He believes that the DeFi protocols, which allow people to borrow and trade without the involvement of banks, do not pose a threat to the country’s security and economic stability. According to the congressman, the United States risks losing its dominant position in the financial market if it continues to resist the latest technologies.
“One way or another, blockchain and cryptocurrencies will develop, and I would rather they develop in the US than in other countries that may be hostile to us. Therefore, we need a clear regulatory framework for the development of the cryptocurrency ecosystem, ”added Budd.
There are other American politicians who don’t take a hard line on cryptocurrencies. For example, Alabama Congressman Barry Moore recently invested in DOGE, ETH and ADA.
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