Former United States (US) Democratic Congressman Harold Ford Jr. is vary of the US crypto regulation framework, reveals a The Consumer News and Business Channel (CNBC) article.
He warned the U.S. Securities and Exchange Commission (SEC) for the forthcoming crypto-currencies and the adverse effects regulations imposed can have on the economy.
Ford considers cryptocurrency to be the cradle of America’s economic revolution. He warns everyone in this co-ed about the consequences of ravaging crypto-regulations.
He mentions how various people in Washington may end up ruining something that needs to be benefitted from. He also expressed concerns over the current US crypto regulation framework and its inadequacy to help the cryptocurrencies boom.
He further highlighted the lack of regulatory frameworks despite the presence of a plethora of federal agencies such as the Securities and Exchange Commission (SEC), Internal Revenue Service (IRS), Commodity Futures Trading Commission (CFTC) and Financial Crimes Enforcement Network (FinCEN).
Ford urges the SEC to document a set of distinct laws and regulations that work for the benefit of the industry.
Ford also analyzed a document by the SEC under the head of “Framework for the ‘Investment Contract’ Analysis of Digital Assets.” It is an overview of the SEC’s staff’s mindset regarding the implementation of conventional regulations on innovative technology such as the cryptocurrency.
According to Ford, such a grey-zone of regulations would prove to be a major setback to the outcomes that are to be extracted by companies such as Facebook, E-Trade, Intercontinental Exchange, Fidelity, and TD Ameritrade willing to invest a great deal of money; as it enhances the stakes of them fleeing the country subsequent to confusion born by these regulatory catastrophes.
Ford urges lawmakers and regulators to join hands to formulate laws in order to benefit the economy of the country, especially via such groundbreaking resources.