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These members of Congress are applauding the CFTC and SEC’s light touch approach to cryptocurrencies.

Reps. Jared Polis and David Schweikert, co-chairs of the Congressional Blockchain Caucus, along with Rep. Tom Emmer, sent a letter to CFTC Chairman Christopher Giancarlo and SEC Chairman Jay Clayton praising both agencies’ measured response to rise of open cryptocurrency projects. They also tell the agencies not to overlook the massive potential of crypto beyond money and speculation:

As you develop your approach, we encourage you to think not only about the fluctuations of cryptocurrency prices today, but to focus on the future potential of this groundbreaking technology and its role in maintaining our leadership role in technological innovations. Any legislation or regulation should be simple, clear, and narrowly tailored to specific applications of the technology that raise policy concerns, thus allowing innovation in this space to be guided by consistent and predictable guard rails without imposing undue burdens.

We agree with the Representatives’ assessment and are pleased to see responsible approaches to innovation coming from federal policymakers and regulators.

Here’s the full letter:

A downloadable PDF version of this letter is available here.