Federal Crypto Regulation Urged by Maryland and New York Lawmakers
Two lawmakers, Maryland Delegate Adrian Boafo and new York Assemblyman Clyde Vanel, have called for a federal regulatory framework for cryptocurrencies. They sent a letter to key Democratic lawmakers, emphasizing the need for complete legislation.
The letter was addressed to Senators Elizabeth Warren and Amy Klobuchar, along with Representatives Maxine Waters and Angie Craig. They warned that inconsistent state laws could hinder financial innovation. At least 35 states, including Washington D.C. and Puerto Rico, have introduced crypto-related laws, leading to a fragmented regulatory landscape.
Boafo and Vanel highlighted New York’s BitLicense program and Maryland’s recent efforts. They stressed that without federal action, this fragmented approach will create uncertainty for businesses and limit financial opportunities for Americans.They noted that the current patchwork of state laws is problematic. “This inconsistency can harm consumers and businesses,” they wrote.
They pointed out that without federal action,the situation will worsen. This could limit financial freedom and leave consumers vulnerable to fraud and market instability. They cited the growing adoption of crypto, especially among underserved communities. The Kansas City federal Reserve found that Black investors are more likely to own crypto than traditional stocks.
The lawmakers want a bipartisan framework to protect consumers and support innovation. They also want to maintain the U.S.as a leader in digital finance.The letter was first reported by Crypto In America. They urged for a unified approach to protect consumers and maintain U.S.leadership in digital finance.
They highlighted New York’s regulatory leadership and Maryland’s legislative efforts. They believe a federal framework is crucial. “We need a clear path forward,” Boafo said.”This will ensure safety and stability in the crypto market.”
- At least 35 states have introduced crypto laws.
- They want to prevent fraud and support responsible innovation.
- They aim to protect consumers and promote growth.
They believe a federal framework is essential. “We need a clear path,” Vanel explained. “This will help the U.S. stay ahead in the digital finance sector.”
They called for action during the 119th Congress. “We must act now,” Boafo added. “This will help the U.S. stay competitive globally.”
They hope for a bipartisan solution. “We need a balanced approach,” Vanel stated. “This will benefit millions of Americans.”
the letter was a call for action.
