Former GOP lawmaker urges Congress to pass regulations for crypto industry to flourish: US needs to lead

Former Colorado Sen. Cory Gardner calls for smart guardrails, clarity and transparency for the cryptocurrency industry

During an interview on "Mornings with Maria" Friday, former Colorado Sen. Cory Gardner called for the U.S. to lead on cryptocurrency regulation, arguing another country will do so if America does not "step up."

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Former GOP lawmaker calls on Congress to pass 'smart' crypto regulation  (Chip Somodevilla/Getty Images / Getty Images)

CORY GARDNER: A lot of times you hear from an industry that they don't want any kind of regulation, that they want Congress to stay out of its business. In this case, we're actually asking for those smart guardrails, for clarity, for transparency, for consumer protections that we know we have built into the system that we can do in a bipartisan fashion. I think you've really hit the nail on the head when it comes to cryptocurrency support. When was the last time you saw a major bill, a major financial piece of legislation that had a Republican and a Democrat driving this issue together?

I think that's why this industry will continue to be successful, because people around the country, people around the globe are looking for U.S. leadership. It's not a Republican or Democrat issue. It's a crypto issue that they know can dramatically impact their wallet for the better. That can dramatically change lives for the better. We're asking Congress to do the smart thing, to allow innovation to flourish, to allow U.S. leadership. Because if the United States isn't leading on this, you can bet that somebody else will. Will it be the U.A.E? Will it be China? Somebody is going to step up. That's why we're asking Congress. I commend both Senators Gillibrand and Lummis for taking these steps as we look toward that smart regulation that allows the crypto industry to flourish, because when it flourishes, the American people will, too.