Congress Fears DeFi “Financial 9/11”: U.S. Legislator

[RSRS]

U.S. Representative Ted Budd has emphasized the need for clear communication between issuers of stablecoins and U.S. regulators.

Congress Fears DeFi Could Pose Threat to National Security
Ted Budd, who serves on the Financial Services Committee of the U.S. House of Representatives, has become one of the first elected US officials to speak with a decentralized autonomous organization publicly.

In a conversation with Chris Cameron of MakerDAO, the U.S. legislator discussed stablecoin regulation, a topic that has made several news headlines in recent months. 

In this regard, Representative Budd said some U.S. legislators in Congress are worried that cryptocurrency poses a threat to national security, and think it could lead to a financial equivalent of the September 11 attacks. Discussing the regulatory concerns, Budd affirmed:

“There are some on the Senate side and some on the House side which fear especially when it comes to currency and decentralized finance and how it’s going to evolve. The fear is whether it will hurt our national sovereignty or will it destabilize the US dollar? Some in the U.S. House Committee on Financial Services call this basically a financial 9/11.”

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Vary Nice progect100% The good project is implemented very professionally and has a clear development plan Made by a very professional and experienced team A potential project for the good future.