Why Is the US Not Yet a Leader in Crypto Regulation? — Experts Answer

Why Is the US Not Yet a Leader in Crypto Regulation? — Experts Answer

August 4, 2019, CoinTelegraph

Michael Nonaka spoke with CoinTelegraph to discuss cryptocurrency regulation in the U.S.

Mr. Nonaka says, "The U.S. Financial Crimes Enforcement Network issued its first guidance addressing cryptocurrency companies in 2013, and since then regulatory action for digital assets has been slow to develop but has picked up in the past few years as an increasing number of federal and state agencies see the unique opportunities and risks associated with the sector.

“Crafting sensible regulations to provide a stable regulatory framework for digital assets without choking their innovativeness is a difficult task and not one a federal or state agency should undertake without a solid foundation of experience with digital assets. 

“There is a growing buzz complaining that the lack of regulations has impeded progress for digital assets, but it would quickly become a loud scream if regulations were issued in a way that missed the mark altogether. 

“The slow, deliberative nature of the regulatory process in the U.S. can be frustrating to be sure, but it reduces the type of big swings and misses risked by reactionary and under-informed regulations."