United States’ hesitance over blockchain, crypto-regulations could see it fall behind

Blockchain-based technologies and cryptocurrencies are today what the Internet was back in the 90s. According to many observers, the dominance and sustenance of the world’s major economies depend heavily on their embrace of such technologies. However, such demands often lead to regulatory agencies choosing between oversight and the freedom to innovate, with a middle ground often found wanting. The United States is at such a point, at the moment.

And while SEC Commissioner Hester Peirce recently proposed to provide a safe harbor period for crypto-token sales, it is perhaps still too soon to say if regulators are really warming up to crypto.

A recent op-ed authored by CEO of Brooklyn-based ConsenSys Digital Securities, Timothy Furey, expanded on blockchain and crypto regulations in the United States. It argued,

“Many countries in these markets have smoothed the way for blockchain adoption by making innovative legislative changes, such as a flexible approach to taxation, that address the real risks. The U.S. could fall behind these more sophisticated global players, imperiling both our economic competitiveness and national security.”

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