Legislators Need Education

I posted a Tweet last night when I saw the below letter from 6 Members of Congress to the acting Comptroller of the Currency, Brian Brooks.

Essentially they are telling the OCC to focus on legacy banking issues and to reduce their focus on digital assets and cryptocurrencies. I find that to be infuriating. Like telling Henry Ford he should focus on improving buggy-whips and do not worry about internal combustion motors.

There are a few members of Congress who are forward thinking and recognize the opportunity to the USA if regulators can set fair standards and regulations such that this growing industry can thrive in the US. But those who wrote the letter, and I suspect many other members of our Federal legislatures, have not bothered to try to understand digital assets. And therefore they are scared. And so they act scared. That heads the US in the wrong direction.