Don’t expect crypto regulations from Congress anytime soon

Politics. Things like these takes time. US Congressman Jim Himes has weighed in on just how quick could the US Congress be ready to pass cryptocurrency legislation.

And let’s just say, it’s going to take a while.

Himes cites a lack of deep understanding of cryptocurrencies among lawmakers. Result being that there is going to be a lot of discussion in the coming years about ways to regulate cryptocurrencies — for better or for worse.

The US Representative revealed that the Congress is having some discussions regarding cryptocurrency regulations in an interview with Yahoo Finance on Friday. He previously worked Goldman Sachs, the investment bank for 12 years, and hails from Connecticut.

And according to this fine chap, Congress is not ready to act on crypto legislation anytime soon, because most of his colleagues don’t have a deep understanding of cryptocurrencies, what they can do, and what the dangers are.

Emphasizing that Congress has not spent a lot of time on it, the lawmaker elaborated:

“So, for better or for worse, there’s not going to be legislation passed out of the United States Congress anytime soon.”

That said, Himes does make a note that more and more of his colleagues are becoming aware.

He expects that there is going to be a lot of discussion in the coming years about ways to regulate, and how to tax something like these digital coins. He makes it clear that this does not mean that there is going to be an attempt to ban it, but we are far off from the possibility.

The decision makers need to understand the ins and outs of this whole crypto affair first, after all.

Jim Himes’ comments come at a time when there is a growing interest in seeing government regulations in the crypto space, not just from stakeholders but officials as well. His comments came as the Treasury published a proposal that requires businesses to report crypto transaction above $10,000 to the IRS.

Going to be an interesting future, this.