Jeremy Allier, CEO and co-founder of the peer-to-peer payment company, sent a letter to senior U.S. Treasury officials on Dec. 9, urging regulators to work with the industry to transfer cryptocurrencies.

Alair has warned US regulators that some of the proposed regulations pose a direct threat to the country’s competitiveness and could lead to unintended consequences for use cases involving cryptocurrencies and blockchains.

The CEO mentioned in particular a new proposal to ban so-called wallets without a network or not. Alayer argued that the proposal does not address real risks in the industry:

“I think this proposal will not adequately address the actual controversial risks, it will cause great harm to US industry and competitiveness, it will continue to provide economic and industrial benefits to Chinese companies, and will have serious unintended consequences for wider use. cases for this.
Alayer also said that industry and regulators need time to summarize best practices for organizing new technology.

“The industry will take time, maybe one to two years, to implement such technologies,” he said. “The industry is not needed this time, but it will allow the industry and financial regulators to work together to create rules of practice and oversight that make sense in this new world. ”

Aller joins several members of Congress, including Representatives Warren Davidson and Tom Emmer, who opposed the ban on using their own cryptocurrency wallets in an official letter to the Treasury on December 9.

Some crypto-advocates have stated that they are not sure what “offline wallet” means. “I do not even know what an offline wallet is.” Samson Moe, director of strategy for Blockstream, said on December 9: “I just know ‘not my keys’ and ‘my keys.’

Source: CoinTelegraph