A unique event that took place in the cryptocurrency industry in Washington DC on Tuesday, when lawmakers on Capitol Hill met representatives for the crypto industry, as well as banks and financial institutions.

The discussion was held by members of the Warren Davidson Republican Ohio Party Congress, dubbed “Legislative Certainty for Cryptocurrency” and this will provide input from the industry to be used in the preparation of a new bill that will be conducted at AS House.

According to CNBC’s report, Davidson, in his speech said that “the potential for initial coin offerings is extraordinary and it must far exceed the technology sector and financial sector”.

Representatives from the crypto industry, Jesse Powell, illustrate the future of the industry in the United States. The CEO of the US crypto exchange company, Kraken, said in remarks “foreign companies are able to outperform their US competitors and whoever gets the most money is the winner”.

Jesse Powell, who has a controversial relationship with regulators, said that “Not only US companies that are not developing enough in the competition in the global market but including US investors cannot participate in investing in this global company,” he reminded the lawmakers.

Other participants who attended also said the results from the government had an impact on the possibility of crypto-related company exodus results to other countries with clear and further rules.

Kate Prochaska who was also present from the US Chamber of Commerce said that coordination of regulations, clear legal definitions, and involvement with regulators was needed in order to prevent the crypto industry from moving abroad.

Davidson added that “I believe we can move forward and make this a growing market in the US and we can do it well”

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