Members of the Brazilian National Congress may be pushing to regulate the country’s crypto industry, but that is not in line with consumer demands according to Luiz Philippe de Orleans-Braganza, a federal deputy of the lawmaking body.
According to CT Brazil, Philippe made comments against the intended regulations during a recent special commission meeting by lawmakers. The meeting was held to discuss proposed guidelines for the crypto industry.
Philippe reportedly told his fellow lawmakers that it was not appropriate for the National Congress to open a debate on how to regulate the crypto industry when there is no sufficient consumer demand for such rules.
"Good regulation is one that comes from the consumer's demand for something for which he felt injured and calls for state protection. I question this adventure of wanting to regulate something for which consumers and companies organized to receive Bitcoin are not demanding,” the federal deputy said.
Next, he alleged that the country’s central bank led the bill, and also that there was” no petition requesting these regulations.”
If regulation does not come from the popular demand for regulation, Philippe suggested that it can also well be regarded as “state interference.”
While he at the same time acknowledged that cryptocurrencies could be used for illegal activities, that negative use case does not warrant “limitless” regulation by the state’s lawmakers. He asked,
"Why should the Brazilian Securities and Exchange Commission (CVM) and the Central Bank have to regulate this? Who exactly is interested in these regulations?”
Meanwhile, the latest call against proposed rules by the lawmaker comes roughly one month after the country enacted laws mandating cryptocurrency exchanges and trading platforms to report information regarding how users transact cryptocurrency using their services.