After the House Financial Services Committee held a lengthy hearing on the regulation of cryptocurrencies and stablecoins last week, Switzerland’s largest bank, UBS, announced its position on US crypto legislation. Switzerland’s largest bank believes that US legislators will need time to understand the intricacy of these problems and reconcile possibly conflicting views on how digital assets should be controlled.
According to the UBS team, “Regulators may have to wait a long time for Congressional action and, in the meantime, will have to wrestle with these difficulties using the limited and defective authority they now have.”
Last August, U.S. Senator Ted Cruz chastised his colleagues in Congress for attempting to regulate cryptocurrency without first understanding what it is. Texas Senator Ted Cruz emphasised that “we shouldn’t control something we don’t yet comprehend.”
Meanwhile, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are working together to assure investor safety in the crypto arena.
