Should US Lawmakers Be More Proactive with Regulating Crypto?

For the past few years, we’ve seen cryptocurrencies growing at quite a rapid rate. They’ve been getting a lot of attention from institutional investors as well as big-time organisations across the world. It is this meteoric rise that has resulted in many regulators getting involved in digital assets.

In the United States though, it hasn’t particularly taken the initiative for working to regulate digital currencies. Speaking in a recent panel discussion, the SVP of Product and Corporate Development at Ripple, Asheesh Birla gave his opinion in that the United States had to come up with a digital asset framework and that they should be proactive in this region. 

She further went on to add:

“Whereas in the UK, it’s come out with a token, a framework, which is great. Singapore is really friendly towards fintech and also the crypto companies[…] The last thing that I think needs to happen before we have real big institutional adoption in the US is regulations. You have to get the right kinds of regulations That’s a big game-changer”

Julie Stitzel, a member of the US Chamber of Commerce, spoke about regulation last year. Highlighting that the United States is one of the biggest economies in the world (if not the biggest), people must think differently about applying existing regulatory principles to digital assets like virtual currency. 

She went on to say:

“Appropriately classifying digital assets and determining the federal entity with the jurisdiction to regulate and supervise them is one way to provide regulatory clarity for innovators and signal that the United States is a leader in the digital asset space.”

Rod Hall, the Managing Director at Goldman Sachs, was also on the panel where he talked. He said that there is a need for clarity around cryptocurrencies in the United States in regards to regulation.

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!