Donalds: Government Must Educate Itself on Crypto

Congress is still debating if and how to regulate the new technology that is cryptocurrency and blockchain. On Tuesday, there was a hearing about stablecoins—cryptocurrencies that are supposedly backed by something tangible like currency or gold. You can in principle swap your crypto for this tangible asset at any time. Some are calling for tighter regulation in this space to protect consumers from scams. Private stablecoin issuers have been accused of scams in the past. A recent report from the Treasury Department called for only allowing a limited number of certified institutions to issue stablecoins. But that plan was challenged by some lawmakers in the House Tuesday. Rep. Gregory Meeks from New York said that could limit competition in a way that's discriminatory. Another New York Democrat said common-sense rules were a better idea than regulation. NTD spoke with Rep. Byron Donalds (R-Fla.) to hear his thoughts.