Maryland Delegate Adrian Boafo, along with New York Assemblyman Clyde Vanel, has called upon leading Democratic legislators to create a federal regulatory framework for cryptocurrency.
In a letter, the lawmakers warned that varying state regulations could hinder financial innovation. They directed their appeal to Senators Elizabeth Warren and Amy Klobuchar, along with Representatives Maxine Waters and Angie Craig, emphasizing the urgent need for comprehensive legislation in the 119th Congress.
The legislators highlighted New York’s pioneering regulatory initiatives, particularly the BitLicense program and its digital currency task force, as well as recent legislative actions from Maryland.
They pointed out that at least 35 states, along with Washington D.C. and Puerto Rico, have enacted crypto-related laws, resulting in a disjointed regulatory environment.
Restricting Financial Freedom for Americans
“Without federal intervention, this fragmented regulatory landscape will only expand, creating uncertainty for businesses and restricting financial options for millions of Americans,” they stated.
Boafo and Vanel emphasized that a lack of federal action leaves consumers susceptible to fraud and market volatility.
Moreover, they noted the increasing adoption of cryptocurrency, especially among historically underserved communities, referencing findings from the Kansas City Federal Reserve that indicate Black investors are more inclined to own cryptocurrencies than traditional stocks.
The letter advocated for a bipartisan framework to safeguard consumers, encourage responsible innovation, and uphold the U.S. position as a frontrunner in digital finance.
The letter was initially reported by another source.