Ron Wyden, one of the most powerful Democratic members of the US Senate, crypto coins compared it to the early years of the internet and warned his teammates not to go too far with these assets.
Ron Wyden, chairman of the Senate finance committee and one of the architects of US internet regulation, warned members of his party to protect cryptocurrencies despite concerns about fraud and money laundering in the crypto industry.
Wyden’s suggestion came as senior officials in the Biden administration sought to restrict unregulated crypto activity, particularly on popular trading platforms like Coinbase.
“My Heart Is For Cryptocurrency”
Wyden told the Financial Times:
“It seems that there are discussions about applying stricter regulations. But I want to be on the side of the innovators. When I think of cryptocurrencies, I think of money transfers or people who want to send money to their child who needs help 1,000 kilometers away, and not having to deal with banks and credit card companies.
I keep looking for innovations. My heart is this way.”
Wyden bitcoin and likened the crypto industry to the early days of the internet. In the early days of the Internet, Wyden and his colleagues in Congress created legal protections that prevented online platforms from being sued by users for content posted on their sites.
Section 230 of the Code of Communications Ethics created by Wyden et al would later be called “the 26 words that created the internet.”
The law in question, created by the senator, has been brought up for discussion again these days. Some politicians demand that websites be responsible for the content posted by users on their websites.