BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

Fair Crypto Laws ‘possible’ in the US but Needs ‘a lot of work’ — Crypto Council Adviser

BlockNews Team by BlockNews Team
April 4, 2023
in Crypto, Media, Politics, Social
crypto regulation
Share on TwitterShare on Reddit

Fair treatment of the cryptocurrency business in the US is feasible but will necessitate a lot of work and education on the part of politicians and financial authorities.

  • Fair treatment of the cryptocurrency industry in the United States is achievable but requires a lot of work and more education for policymakers and financial regulators.
  • The Crypto Council for Innovation works to engage lawmakers in conversation so they may better understand the crypto industry and develop more liberal legislation.

Background

Fair cryptocurrency regulation is a problem the US has been battling for years. While some business leaders are optimistic that the nation would create regulations that equitably address cryptocurrencies, Sean Lee, a consultant with the Crypto Council for Innovation, cautions that it will require “a lot of work.”

Lee underlined the need for additional education for policymakers and financial regulators at the World of Web3 (WOW) Summit in Hong Kong, saying that economic reform was addressed following the 2008 financial crisis and that the same could be said for cryptocurrencies. He continued that the crypto business may be treated fairly in the United States. He said, “That is conceivable, but it will take a lot of work […], and implementation normally happens after a huge crisis, which we currently have.”

Crypto Crackdown by US Financial Regulators

The remarks follow a significant crypto crackdown by US financial regulators that some analysts in the industry have dubbed a “war on crypto.” Regulators and lawmakers who oppose cryptocurrency now have plenty of justification to crack down on the budding crypto industry following the FTX debacle in November. But Lee emphasized that FTX is only a centralized trading platform, not a cryptocurrency.

Lee continued by saying that if centralized enterprises are not adequately regulated, history has demonstrated that bad things can happen. He underlined that there needs to be a lot of education, and groups like the Crypto Council for Innovation are working to engage legislators in conversation so they can better comprehend the situation and “help them also understand what other jurisdictions are thinking about.”

Progressive Crypto Policies

The Crypto Council for Innovation’s goal is to “assist in developing more progressive legislation” to help businesses and communities better comprehend the market. Similar arguments were made in a statement by Sheila Warren, CEO of the Crypto Council for Innovation, in response to the recent CFTC Binance lawsuit. She expressed her hope that it would end people trying to enter the cryptocurrency space and take advantage of the murky regulatory landscape in the United States.

According to Warren, the CFTC’s classification of some cryptocurrencies as commodities were “a great shot over the bow of the SEC.” Similarly, SEC Chair Gary Gensler requested additional cash to combat the markets’ “Wild West” nature. Uncle Sam’s campaign on cryptocurrency is, therefore, likely to continue for a while.

Critical Factors for Crypto Regulation

The remarks made by Sheila Warren and Sean Lee emphasize the value of dialogue and education in developing progressive crypto policy. Financial authorities must comprehend the complexities of the cryptocurrency market to create regulations that equitably handle the business without impeding innovation. However, because American rules are unclear, some people have been able to abuse the system, resulting in fraud. Such practices would be reduced by clear and thorough laws, which would also support a more robust crypto business.

Conclusion

Even while the US has made strides in regulating the cryptocurrency sector, much work remains. Communication and education are essential to creating progressive crypto regulations that balance innovation and equitable treatment. The actions taken by the Crypto Council for Innovation to aid legislators and banking regulators are a positive move. How the US will handle the complex crypto ecosystem is still being determined, but fair crypto laws are conceivable with ongoing education and discussion.

Tags: BlockchaincryptoCrypto CouncilCrypto LawsCrypto Regulation
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

bitcoin(s)
Crypto

US Lawmakers Call On SEC Chair To Approve Spot Bitcoin ETFs ‘Immediately’

September 30, 2023
Uniswap-logo
Business

Uniswap Seeks Funding Approval to Bolster Development and Research Initiatives

September 30, 2023
Ripple Logo on Phone
Business

Ripple Retracts Fortress Trust Acquisition, Keeps Future Collaborations Open

September 30, 2023
Eth logo
Crypto

Ethereum Futures ETFs Could Start Trading Next Week — Bloomberg Analyst

September 30, 2023
Paysafe logo on Billboard
Business

Binance Loses Key European Banking Partner Paysafe, Urges Shift to USDT

September 30, 2023
Around the Block
Crypto

Around The Block: Sept 29 Week in News

September 30, 2023
Load More
Next Post
gucci yuga labs

Gucci Designs a Limited Edition Pendant for the NFT Platform, Yuga Labs

twitter blockchain

From Twitter to the Blockchain: The Evolution of Social Media Profiles

ai blockchain

Here’s How the Crypto Industry is Using Artificial Intelligence

Related News

Sega Logo

Bandai Namco and SEGA Show Interest in Blockchain Gaming

September 22, 2022
alchemy ai

Blockchain Developer Platform Alchemy Releases AI-Powered Tools for Web3 Builders

June 16, 2023
Fidelity-Logo

Fidelity Raises $5 Million in Newly Launched Ethereum Index Fund

October 9, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter Instagram TikTok
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • US Lawmakers Call On SEC Chair To Approve Spot Bitcoin ETFs ‘Immediately’ September 30, 2023
  • Uniswap Seeks Funding Approval to Bolster Development and Research Initiatives September 30, 2023
  • Ripple Retracts Fortress Trust Acquisition, Keeps Future Collaborations Open September 30, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?