Message To NC Senator Thom Tillis About Crypto Currency Regulations Nov 2020 Charlotte NC jr
153November 2020
Dear NC Senator Thom Tillis:
The purpose of this email is to address the concerns I have regarding the lack of regulation and Congressional guidance on the issue of digital assets/cryptocurrency, which is all part of the Fourth Industrial Revolution.
Cryptocurrency is the future of money, and it will go mainstream in 2021. However, there is very little clarity regarding coin regulation. Questions remain on coins being designated a security, a commodity, or a currency?
I am one of 60,000,000 people in the United States who hold digital assets. Globally the market capitalization of digital assets is $500 Billion with exponential growth coming in 2021, as Paypal and other more traditional investment firms/banks start offering cryptocurrency.
I applaud Brian Brooks, the acting Comptroller of the Currency, as he has led efforts to make meaningful decisions within his purview, but it is still not enough clarity. Additionally, Hester Pierce, Commissioner-SEC is also working hard to provide clarity. And Chris Giancarlo, formerly CFTC commissioner and head of the Digital Dollar Project, is doing great work. However, legislative decisions need to be made to have a complete strategy on financial instruments.
Further, the crypto currency community is working hard to monitor global innovation in this space as it relates to digital assets, blockchain, and decentralized finance. Other countries (namely China, Japan, UK, Europe) have educated their decision makers on this space and are taking action. The United States is lagging behind on financial technology literacy in Congress and some government agencies.
Education, collaboration, and action need to happen quickly; and I, as part of a robust crypto community look forward to seeing more informed discussions happening with Congress and regulators.
Lastly, Mr. Brian Brooks was recently nominated by President Trump for a 5-year term as the Comptroller of the Currency. I, along with the cryptocurrency community, believe he is the right person for the job. Mr. Brooks has tremendous knowledge of the financial landscape and more importantly understands where finance is headed with or without the United States. He embraces and meets change head on and has demonstrated his willingness to lead in a very complicated environment. I hope you vote to confirm Mr. Brooks.
Sincerely, Interested People