U.S. Crypto Industry Pleads For Purpose-Built Regulation Amid Facebook Pressure

Cryptocurrency firms are urging U.S. authorities to consider a ground-up, purpose-built regulatory framework for the technology, amid fears that hostility towards Facebook’s Libra project could have a stifling effect on other firms.

With cryptocurrency innovation offering a bevy of potential benefits for consumers, yet also giving rise to new types of risk, regulators need to balance those opposing forces, a representative from a leading industry consortium told the U.S. Senate Banking Committee on Tuesday.

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