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Crypto Industry Needs ‘Light’ Regulatory Framework to Combat Risks: US Sen. Thom Tillis

🇺🇸 The US Republican Senator Thom Tillis has called for a new regulatory framework for the crypto industry, which would “create the most hospitable environment for digital assets to thrive.”

🟢 During the Senate Banking Committee meeting on Tuesday, Tillis stressed “light” regulation to help curb illicit crypto financing. His remarks came after Deputy Treasury Secretary Adewale Adeyemo addressed the urgency of regulating cryptos due to national security risks.

🟢 “One thing I’d tell people in the crypto or digital assets space that say ‘Nothing to see here, everything is fine’ – they’re wrong,” Sen. Tillis noted. Senator Tillis added that the crypto regulation would “vastly” differ if there is a change of administration after November elections.

💲 Banking Committee chair Sherrod Brown released a document supporting the Treasury’s enforcement goals before Adeyemo’s testimony. According to Brown’s statement, he called for the right “tools” to crack down on illicit finance with digital assets.

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Create: 2024-04-10
Last Update: 2024-05-30 19:37:12

Crypto Industry Needs ‘Light’ Regulatory Framework to Combat Risks: US Sen. Thom Tillis

🇺🇸 The US Republican Senator Thom Tillis has called for a new regulatory framework for the crypto industry, which would “create the most hospitable environment for digital assets to thrive.”

🟢 During the Senate Banking Committee meeting on Tuesday, Tillis stressed “light” regulation to help curb illicit crypto financing. His remarks came after Deputy Treasury Secretary Adewale Adeyemo addressed the urgency of regulating cryptos due to national security risks.

🟢 “One thing I’d tell people in the crypto or digital assets space that say ‘Nothing to see here, everything is fine’ – they’re wrong,” Sen. Tillis noted. Senator Tillis added that the crypto regulation would “vastly” differ if there is a change of administration after November elections.

💲 Banking Committee chair Sherrod Brown released a document supporting the Treasury’s enforcement goals before Adeyemo’s testimony. According to Brown’s statement, he called for the right “tools” to crack down on illicit finance with digital assets.

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Date: 2024-05-30| GimmeTheCoin

Should You Buy Bitcoin?

In general, many financial experts support their clients’ desire to buy cryptocurrency, but they don’t recommend it unless clients express interest. “The biggest concern for us is if someone wants to invest in crypto and the investment they choose doesn’t do well, and then all of a sudden they can’t send their kids to college,” says Ian Harvey, a certified financial planner (CFP) in New York City. “Then it wasn’t worth the risk.” The speculative nature of cryptocurrency leads some planners to recommend it for clients’ “side” investments. “Some call it a Vegas account,” says Scott Hammel, a CFP in Dallas. “Let’s keep this away from our real long-term perspective, make sure it doesn’t become too large a portion of your portfolio.” In a very real sense, Bitcoin is like a single stock, and advisors wouldn’t recommend putting a sizable part of your portfolio into any one company. At most, planners suggest putting no more than 1% to 10% into Bitcoin if you’re passionate about it. “If it was one stock, you would never allocate any significant portion of your portfolio to it,” Hammel says.

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