Response from United States Senator to my email

I filled out one of those automated Coinbase "Stand with Crypto" emails and sent it to my Senator- Jeanne Shaheen from New Hampshire.

Response from her/her office below:

"Dear XXX,

Thank you for contacting my office regarding cryptocurrency. I appreciate hearing your thoughts on this important issue.

As you know, a cryptocurrency is a decentralized digital currency that can in limited circumstances be used for purchases of goods and services, but can also be used for a variety of other purposes, including speculation. Unlike the dollar, which is backed by the full faith and credit of the United States government, cryptocurrencies use a distributed online ledger to secure and account for transactions. This means that users of cryptocurrencies have limited recourse through the traditional legal or financial system if, for example, an item purchased with cryptocurrency never arrives, or if the value of a particular cryptocurrency declines significantly.

Due to the rapid development of this new technology and proliferation of new types of cryptocurrencies and tokens, federal regulators have not yet taken meaningful steps to ensure that increased adoption of cryptocurrencies does not result in criminal or fraudulent use or threaten the stability of our financial system. While I believe it is important we allow for healthy innovation in this new technology, it is also important that we protect consumers against cryptocurrency fraud and scams and prevent criminal activity like ransomware demands or money laundering.

Most legislation that would make changes to the regulation of cryptocurrency would be referred to either the Senate Committee on Banking, Housing and Urban Affairs or Senate Committee on Finance. I am not a member of either committee, but I am carefully monitoring developments in this nascent technology and should relevant legislation come before the full Senate for consideration, rest assured that I will keep your thoughts in mind.

Thank you for sharing your thoughts with me, and please do not hesitate to contact my office in the future."

Sincerely,

Jeanne Shaheen
United States Senator