Harold J. Ford, a former Congressman representing Tennessee’s 9th District in the U.S. House of Representatives, has become the latest non-serving official to reaffirm the need for more clear regulations for crypto startups in the country.
The former lawmaker revealed his thoughts in an op-ed piece published last week on CNBC, identifying the U.S crypto and blockchain ecosystem as a “wellspring of innovation for the American economy.”
According to Ford, what the emerging industry truly needs is a clear regulatory framework at the federal level that will give developers the ability to move forward with confidence, in the same manner as their peers from other countries.
He further noted that the U.S Securities Exchanges and Exchanges Commission (SEC) has the “opportunity to take the lead on regulation that works with industry, not against it,” something that the regulator has arguably failed to do.
Despite other U.S regulatory bodies such as the Commodity Futures Trading Commission (CFTC), Internal Revenue Service (IRS), and the Financial Crimes Enforcement Network (FinCEN) all laying claims to regulate some sections of the crypto industry, Ford wrote that the new space still lacks “an overarching framework.”
Moving further, he referenced the recent open letter sent to the U.S Congress by Ripple CEO, Brad Garlinghouse and also labeled the SEC’s recently released non-bidding guidance on cryptocurrencies as one that adds more confusion.
Conclusively, Ford called on the SEC to create legislations that take “take the form of forward-looking rules that foster innovation and also recommended that the agency works closely with Congress and industry stakeholders to bring clarity to the industry.
A failure to do that will according to quoted comments from SEC Commissioner Hester Peirce result in the ‘U.S falling behind other countries in attracting crypto-related businesses,’ although Ford expressed confidence that “U.S. lawmakers and regulators can get [crypto regulation] right.”
As mentioned earlier, Ford is not the first non-serving top U.S official to call for more precise regulations for the country’s blossoming crypto ecosystem. Stmarket.co reported that Former CFTC Chair Timothy Massad made a similar call in March.