Despite four hours of discussions, a cryptocurrency bill from Congress is "not a cooked thing," Davidson said. Tuesday's panel was mostly for listening to the industry about what to include before it's drafted and introduced, the congressman said. Still, he said moving quickly was "imperative."
"Legitimate players in the industry have a desire for some sort of certainty so we can prevent and prosecute fraud," Davidson said. "I'm confident we can move forward and make this a flourishing market in the U.S. It's an imperative for us to do, we did it well with the internet."
A few panelists were emboldened by the possibility of the bipartisan effort behind crypto. Reps. Ted Budd, R-N.C., Tom Emmer, R-Minn., and Darren Soto, D-Fla were among the Congressional representatives attending the hearing.
"We need to get moving on this now, there's no time for delay," said Emmer, who has introduced multiple blockchain bills to Congress. Blockchain is the technology that underpins cryptocurrencies, and is being applied to everything from storing health care records, to tracking vegetables that carry E. coli.
Soto agreed with his Republican colleagues, but went even further, suggesting that Congress may need to throw out the current playbook for cryptocurrency.
"I'm sensing we may need an entirely new category that treats this like a new asset, so that we're not trying to squeeze a square peg into a round hole," Soto said. "There needs to be some streamlining based on the definitions of digital assets."