Though fraud is undoubtedly an issue in the cryptocurrency ecosystem, U.S. Congressman Patrick McHenry believes lawmakers shouldn't rush to impose new regulations. "It's my fear that Congress and other policymakers get wrapped up in the hype of bitcoin and feel like doing something - anything - is better than nothing," he told CoinDesk in an interview on Tuesday, adding:
"And I get it, there's fraud, there are bad actors, there's irrational hysteria in the space, but a race to regulate is not the answer."
The North Carolinian Congressman's comments echo those made by fellow Republican Rep. Tom Emmer last month at an event in Washington, D.C., but diverge from those offered by his colleagues on the House Capital Markets, Securities and Investment Subcommittee.
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