Tech trade group Chamber of Progress has called on members of the U.S. Senate and House of Representatives to bring clarity to the regulation of the crypto space to prevent firms from leaving the country.

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In a letter on Wednesday addressed to eight committee chairs in the House and Senate, House of Progress Financial Policy Director Janai Eyo urged Congress will consider moving forward “substantial legislation to secure the future of our nation’s crypto industry,” citing concerns about jobs and the country’s position as a leader in global finance. According to the trade group, government leaders, including representatives from the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Reserve and the Biden administration, called on Congress to lead the creation of a regulatory framework for digital assets.

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“Without congressional action, the lack of clear rules and regulations has contributed to the current volatility in the cryptocurrency markets,” the Chamber of Progress said. “Some companies that failed have taken advantage of the lack of clear rules in the market. Industry leaders are warning that small exchanges offering generous margin loans are gradually becoming insolvent.”

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The group added:

“It is imperative that Congress takes action to ensure investor protection by establishing rules of conduct that, in turn, will help weed out unscrupulous players in the industry.”

According to the House of Progress, a lack of regulatory clarity in the United States could force companies to “look for greener pastures abroad,” potentially threatening the country’s interests by forcing many high-paying, remote-friendly jobs that have largely weathered the pandemic abroad. Cryptocurrency firms such as Ripple have considered moving their headquarters outside of the US, while others have expanded offerings to regions including the Middle East.

“The increase in the number of countries developing cryptocurrency regulatory policies should prompt the US to act quickly to consider the relevant legislative proposals presented at this Congress,” the group said. “It’s time to shift the crypto policy debate from ‘we need regulation’ to ‘what are the implications of specific proposals for regulation?’

US Department of Commerce Asks Digital Asset Industry to Contribute to Competitiveness Framework

Unlike the United States, the European Union has passed a law aimed at harmonizing crypto-currency rules between EU member states called the Markets in Crypto-Assets Framework or MiCA. On Wednesday, the United Kingdom government also introduced its Financial Services and Markets Bill, which includes provisions for stablecoins.