'As a thought exercise, what if we could cherry-pick the smartest bits of crypto regulation from around the planet? What could we emulate in the United States?' jeffwilser reports for policyweek
Crypto, in a sense, is a grand experiment that has no geographic borders. Bitcoin does not belong to the United States, China, Russia or to any company, government, or king. Bitcoin just is. That’s part of the appeal.
So that’s the spirit of this experiment – more of an idea-sparker than a true road map. And it’s also true that nearly every expert I spoke with emphasized that there isn’t yet a silver bullet – from any country – that solves regulation. “It’s too early to tell,” says Michael Piwowar, executive director of the Center for Financial Markets at the Milken Institute. “We’re in the early innings.”
It’s also true that Japan has some history with crypto regulation. After the dramatic Mt. Gox exchange hack in 2015, the country established consumer safeguards, which is why JP Koning,upcoming Markets in Crypto Assets policy So why does that matter? “We [in the United States] need a basic e-money law. We don’t have one. We don’t have a good framework for regulating payments, generally,” says Massad, which is why regulation is subject to state laws “that have been on the books since the telegraph era.” So drafting an electronic-money legal framework, says Massad, would be a “precursor to dealing with the challenges crypto poses.
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