- Robinhood’s chief authorized officer stated crypto laws wasn’t doubtless anytime quickly.
- He stated the congressional listening to Wednesday can be extra informative for the SEC.
- “It is a stretch to imagine that there will likely be laws” on crypto anytime quickly, he added.
Robinhood’s chief authorized officer stated new laws directed on the cryptocurrency market doubtless wasn’t on the horizon.
In a Wednesday interview with CNBC, Robinhood’s Daniel Gallagher stated given the dynamic in Congress, “it is a stretch to imagine that there will likely be laws popping out on crypto anytime quickly.”
Gallagher made the feedback forward of a congressional crypto listening to wherein six executives from companies together with FTX and Coinbase have been set to testify in entrance of the Home Monetary Providers Committee to assist legislators perceive “the challenges and advantages” of the sector.
“These conversations are, theoretically, existential to crypto, however one must assume that Congress is definitely going to behave and legislate,” he advised CNBC. Robinhood affords seven cryptocurrencies for buying and selling, together with bitcoin and ethereum.
Gallagher stated the listening to would doubtless be extra informative for Gary Gensler, the pinnacle of the Securities and Trade Fee who has been seeking to improve regulation on the earth of digital property. Gallagher stated he hoped regulation can be “rational” and never “quash innovation” or “do away with investor selection.”
Gensler has been zeroing in on crypto regulation as buying and selling platforms and the market broadly have boomed. He beforehand advised the Monetary Occasions that the crypto market was “on the stage and the character that if it is going to have any relevance 5 and 10 years from now, it is going to be inside a public-policy framework.”
The cryptocurrency market has boomed this 12 months, hitting a $3 trillion market capitalization for the primary time — that is concerning the dimension of the complete UK economic system, Insider reported beforehand. Bitcoin, for its half, hit a document excessive of about $69,000 final month however has since slid. It traded round $50,000 on Wednesday.