US Will Not Regulate Cryptos Anytime Soon
It’s no secret that governments have a propensity for running slowly at times to adopt new policies. It looks like this will be true for cryptocurrency regulation as well, at least in the United States.
Rob Joyce, special assistant to the president and cybersecurity coordinator at the White House, told CNBC that new regulations for digital coins aren’t even on the back burner yet—they’re sitting on a shelf somewhere in the back of the pantry. Before lawmakers can make a decision, they have to first explore all the pros and cons and make sure all options are considered.
While attending the Munich Security Conference in Germany, Joyce said the government is certainly exploring all the options, but added that policies were a long way from being devised. He recognized that there are numerous benefits to cryptocurrency, and would prefer to see a faster pace towards some type of oversight to help ensure digital assets cannot be used for criminal activity.
In comments which echo those from various US regulatory circles this year, special assistant to the president and White House cybersecurity coordinator Rob Joyce told the Munich Security Conference Friday that plans were still in the “studying” phase.
“I think we're still absolutely studying and understanding what the good ideas and bad ideas in that space are,” he said on the topic. “So, I don't think it's close.”
Full Head of SEC hearing:
Bitcoin circles reacted positively to the decision by the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to adopt a hands-off approach to crypto regulation going forward.
Statements by chairmen Jay Clayton (SEC) and Christopher Giancarlo (CFTC) earlier in February made clear that foul play involving cryptocurrencies is the authorities’ main preoccupation, while the phenomenon itself would be treated as inherently unwanted.
Joyce also stated that crime involving cryptocurrencies was a “worry,” despite increasing evidence that such criminal activity is not as widespread as many fear.
“We are worried. There are benefits to the bitcoin concept - digital cash, digital currencies,” he continued. “But at the same time, if you look at the way bitcoin works after there is a criminal act that takes place, you can't rewind the clock and take back that currency.”
In comments which echo those from various US regulatory circles this year, special assistant to the president and White House cybersecurity coordinator Rob Joyce told the Munich Security Conference Friday that plans were still in the “studying” phase.
“I think we're still absolutely studying and understanding what the good ideas and bad ideas in that space are,” he said on the topic. “So, I don't think it's close.”
Bitcoin circles reacted positively to the decision by the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to adopt a hands-off approach to crypto regulation going forward.
Statements by chairmen Jay Clayton (SEC) and Christopher Giancarlo (CFTC) earlier in February made clear that foul play involving cryptocurrencies is the authorities’ main preoccupation, while the phenomenon itself would be treated as inherently unwanted.
Joyce also stated that crime involving cryptocurrencies was a “worry,” despite increasing evidence that such criminal activity is not as widespread as many fear.
“We are worried. There are benefits to the bitcoin concept - digital cash, digital currencies,” he continued. “But at the same time, if you look at the way bitcoin works after there is a criminal act that takes place, you can't rewind the clock and take back that currency.”
Website: http://cryptofrombed.com
Twitter: https://twitter.com/cryptofrombed