US regulators applying outdated laws to crypto, hearing told

Congress also urged to open up Fed payment system if it wants to reach the unbanked

Banking expert said faulty policy, not fault technology are to be blamed for exclusion

US regulators such as the Securities and Exchange Commission are applying 20th century federal laws to technologies created in the 21st century, resulting in an impact on US competitiveness, members of the Senate Banking Committee heard on July 30.

Speaking at a hearing exploring digital currency and blockchain regulation, Jeremy Allaire, co-founder and CEO at Circle, a peer-to-peer payments technology company, said that in the US, “regulatory uncertainty and the application of laws that do not

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