In an interview with CNBC, Carla Carriveau, Circle’s Senior Regulatory Counsel, spoke to CNBC about the roundtable discussion that regulators and heads of blockchain companies were involved in Washington DC.
The former Senior Counsel at the Securities and Exchange Commission [SEC] spoke about the roundtable as a way to establish the legislative pointers around the field of blockchain technology and cryptocurrencies.
Carriveau went on to say that legislation is the right way to move the industry, especially in the United States. She stated that the propagation of the mainstream adoption of cryptocurrency is the main reason why the Blockchain Association was created.
The Blockchain Association basically aims to become a lobby setup striving to make cryptocurrencies’ case in Washington. Major cryptocurrency bigwigs such as Coinbase has also teamed up with Circle to be involved in this major page in fintech history, with both the cryptocurrency exchanges pledging resources to push cryptocurrencies towards mainstream adoption. Mike Lempres, Coinbase’s Chief Policy Officer had stated earlier:
“The Blockchain Association is an effort to get the preeminent companies in the space together so [policymakers] know they’re hearing from companies that welcome regulation when it’s appropriate. We’re not companies looking to game the system, but trying to develop a legal and regulatory system that’ll stand the test of time.”
The Circle official also said that the United States Congress has to step in for the country’s industry to move forward. She stated that one of the main problem plaguing the industry is the lack of clarity between cryptocurrencies and security tokens. The title of the discussion paper put forth in the discussion is ‘Legislating certainty in the cryptocurrency space’. In Circle’s point of view, the main trouble is figuring out what is a security and what is not.
Another argument made by Carriveau was the lack of awareness and information among the general consensus. She went on to say that the panelists at the roundtable were in tune with the cryptocurrency industry and even made valid points about regulations and adoption. According to her, on the securities side regulations are hard to be complied with. Carriveau said:
“The future certainly looks bright but a big cause for concern is the fact that regulations do not always work the way it is crafted. That is the case with securities and everything related to it.”