Crypto legislation unlikely any time soon, says Robinhood chief legal officer

8 months ago 149
  • Dan Gallagher says it’s apt US crypto authorities is going to instrumentality immoderate clip to finalise
  • His comments to CNBC travel astatine a clip erstwhile respective cryptocurrency speech executives are expected to caput to Capitol Hill to conscionable lawmakers.

Robinhood's main ineligible serviceman Dan Gallagher says it’s improbable caller authorities targeted astatine the crypto manufacture successful the US is coming retired soon, adding that the speech astir the taxable is much apt to instrumentality immoderate time.

The Robinhood enforcement believes the Congressional proceeding is much apt to beryllium informative successful quality and volition mostly beryllium to the payment of the US Securities and Exchanges Commission (SEC).

In his view, it would beryllium “a stretch” for 1 to expect that the marketplace is acceptable for crypto authorities that’s hovering determination connected the horizon. This outlook is down to the existent dynamics successful Congress, Gallagher told CNBC’s “Squawk Box” connected Wednesday.

Gallagher’s comments came connected the time six executives from the crypto abstraction headed to Congress for a proceeding with the House Financial Services Committee.

According to Gallagher, the conversations involving the crypto speech executives and the Congressional committee are “theoretically, existential to crypto.”  However, it should beryllium assumed that lawmakers volition really “act and legislate."

As good arsenic commenting connected what is apt to travel retired of Capitol Hill, Gallagher noted that crypto regularisation has seen the assemblage person 2 camps of companies.

He noted that determination are immoderate that don’t fancy the regulatory way and are “running away” from it. On the different hand, helium sees a campy wherever companies similar Robinhood are already heavy regulated and are inactive supportive of affirmative regulation.

In his opinion, Gallagher wants to spot the SEC and different regulatory agencies follow rational authorities that volition not enactment against crypto innovation. He hopes that immoderate eventual crypto regularisation successful the US volition support investors but importantly not instrumentality distant their close to choose.

Robinhood offers commission-free banal trading and its crypto offering includes Bitcoin (BTC) and  Ethereum (ETH).

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