US Congressman Rep. Bill Huizenga has affirmed strict regulation to protect investors in crypto trading. The Michigan Republican called for an oversight of the cryptocurrency market which is ‘muddled and fairly opaque’. An applicant to lead the House Financial Services Committee, Huizenga promised to make crypto regulation his key agenda, if he assumes the office after the elections.
Bloomberg was the first to report about Huizenga’s intentions for regulating the crypto market.
Huizenga considers it’s necessary to classify cryptocurrencies just like the fiat currencies and the U.S. regulators will try to declare Bitcoin and other digital assets as stock or currency.
Rep. Randy Hultgren and Ted Budd have suggested that the U.S. needs to have a clear understanding before formulating any policy hurriedly. Californian Congressman, Rep. Brad Sherman has express his fear that Bitcoin might stir up terrorism activities by helping offenders, tax evaders and startups tend to fraud. He suggested a complete prohibition on the whole crypto trading.