Posts Tagged ‘cryptocurrency’
July 31st, 2019 at 5:26 pm
Regulations Need to Stabilize, Not Stifle, Cryptocurrency
Posted by Print

In an op-ed published last week in The Columbus Dispatch, CFIF’s Timothy Lee argues that regulatory clarity for the cryptocurrency industry is necessary to prevent the United States from losing our losing our leadership position in the technology.

Lee writes:

The growing implementation of digital assets to enable faster payments provides insight into cryptocurrencies and the advantages they offer. The technology holds a range of potential benefits — from speeding up the processing of global remittances to providing financial infrastructure for traditionally unbanked communities. Add to these applications of blockchain technologies the fact that U.S. exchanges handle about 29 percent of global Bitcoin trading, and it’s increasingly clear that the U.S. is poised to be an epicenter for innovation and investment in the cryptocurrency industry.

Before those effects can be fully realized, it’s critical that the U.S. develop a comprehensive regulatory approach to cryptocurrencies. Importantly, any such regulation must include guidance as to how these new digital assets are classified. Legislation is an important start, as are regulatory guidelines like the framework recently released by the U.S. Securities and Exchange Commission.

Read the entire op-ed here.