Source: iStock/Rocky89

An unusual event for the cryptocurrency industry took place in Washington DC on Tuesday, as lawmakers on Capitol Hill met with representatives for the crypto industry, as well as banks and financial firms for a wide-ranging discussion on the future of crypto regulations in the US.

The roundtable discussion, hosted by Republican Congressman Warren Davidson from Ohio, was dubbed “Legislating Certainty for Cryptocurrencies.” It will provide input from the industry to be used in the preparation of a new bill that Davidson plans to put up for a vote in the US House of Representatives this fall.

Congressman Warren Davidson. Source: Instagram

According to reporting by CNBC, Davidson, in his opening remarks, said that “the potential for initial coin offerings is tremendous,” while adding that “it certainly far exceeds the tech sector and the financial sector […]”

Representatives from the crypto industry, however, painted a somewhat bleaker picture of the industry’s future in the United States. Jesse Powell, CEO of US-based crypto exchange Kraken said in his remarks that “foreign companies are able to outraise their U.S. competitors and often whoever raises the most money is who wins.”

“Not only are U.S. companies not able to raise enough to compete globally, U.S. investors are not able to invest in these global companies,” Powell, who himself has had a contentious relationship with regulators, warned the lawmakers.

Other participants also warned that the result of inaction from the government’s side will likely result in an exodus of crypto-related firms to foreign countries with friendlier regulations and more clarity.

Among those concerned were Kate Prochaska from the U.S. Chamber of Commerce, who said that regulatory coordination, clear legal definitions, and engagement with regulators is necessary to prevent the crypto industry from moving overseas.

In conclusion, Davidson said that “I am confident we can move forward and make this a flourishing market in the U.S.,” adding that “we did it well with the internet.”

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Watch the discussion below: