Blockchain Regulation in the USA
The US can be seen to have several different policies on the blockchain, with state governments implementing their own policies and regulations. Despite this, Ron Levy, CEO of the Crypto Company. Believes the USA is behind in keeping the sector regulated.
He said: “To really understand this subject, we first need to address the fact that the crypto/blockchain industry is not America’s industry, but a worldwide industry. America certainly needs to have regulations, which we are very behind on. However, in the meantime, the industry is growing tremendously. For the most part, this growth is happening around the world, and not in the US. This is due to the fact that the American government as a whole, regulators such as IRS, SEC, CFTC and FinCEN have been addressing the industry from their individual points of view.
“Without overall decisive actions from the legislature itself, both the House and the Senate, we have in effect decided to push the industry elsewhere. Without that body deciding that the industry is important to the country and passing favourable growth laws, the regulators will not be sailing in the same direction. This will leave us right where we are. Without clear goals, and a clear path, for the industry, there can be no regulative clarity. Presently, as each regulator gives clarity on something, it is often in complete conflict with a different regulatory agency. The net result is that until Congress gives guidance in the form of laws, the industry will not have clarity and the majority of the growth will continue to have the bulk of its growth in other countries. Without laws written around US involvement in the industry, the result is more of what we currently have, which is jobs and tax dollars being pushed elsewhere for decades to come. Basically, due to the existing non-decision, it’s goodbye nextgen Silicon Valley from our shores.
“In summary, regulation is critically important. However, without laws being written with intention, that value the industry, more regulation will not give us more clarity.”