During Permissionless III, US Congressman John Curtis and Senator Mike Lee of Utah discussed the fragile bipartisan cooperation on digital asset policy. Curtis emphasized the need for connection with Democrats to reach a consensus on regulatory policy. He urged industry professionals to educate lawmakers on the complexities of cryptocurrencies. Senator Lee warned against the creation of a central bank digital currency by the Federal Reserve, overregulation, and conflicting state regulations. He advocated for innovative regulation tailored to the unique nature of digital assets. Lee clarified that cryptocurrency is a medium of exchange, not a security or commodity, suggesting that capital gains on transfers should not be taxed. Both lawmakers highlighted the importance of avoiding excessive regulation to foster innovation in the crypto industry. Read more AI-generated news on: https://app.chaingpt.org/news