The Financial Crimes Enforcement Network (FinCEN) has proposed rules that would require exchanges to collect personal information on non-custodial wallets, undermining privacy and discouraging innovation. The Federal Reserve has proposed a central bank digital currency that would compete with and undermine the private sector. And the SEC has brought enforcement actions against decentralized protocols that are not under the control of any one entity.
These regulatory actions fail to respect crypto values and threaten the crypto industry’s ability to thrive in the United States. Instead, regulators should look to new frameworks that are compatible with crypto values. For example, regulators could adopt a risk-based approach that focuses on mitigating actual risks rather than imposing blanket regulations. They could also adopt technology-neutral regulations that focus on outcomes rather than specific technologies, allowing for innovation and competition to flourish.
Cultivating a Favorable Business Environment
Finally, your administration should work to cultivate a favorable business environment for crypto companies in the United States. This includes ensuring that the United States remains a global leader in innovation by encouraging the development and adoption of blockchain technology. It also means working to attract and retain top talent in the crypto industry by providing clear regulatory guidance and a supportive business environment.
One way to achieve this is by creating a regulatory sandbox for crypto companies to test new products and services in a controlled environment. This would allow companies to innovate without fear of regulatory enforcement actions and would provide regulators with valuable insights into the potential risks and benefits of new technologies.
Additionally, your administration should work to streamline the regulatory process for crypto companies, ensuring that they can quickly and efficiently obtain the necessary licenses and approvals to operate. This will help to attract investment and talent to the United States and will ensure that the country remains a global leader in the crypto industry.
In conclusion, Mr. President-Elect, we urge you to take bold action to make the United States the crypto capital of the world. By supporting U.S.-based businesses, promoting crypto values, and cultivating a favorable business environment, you can ensure that the United States remains at the forefront of innovation and technology. We stand ready to work with you to achieve this goal and look forward to a future where the United States leads the world in crypto innovation.
Sincerely,
The Crypto Law Bar
The Department of Justice’s recent decision to charge non-custodial wallet developers with unlicensed money-transmission violations has raised concerns among the cryptocurrency community. This move goes against the department’s longstanding policy and is seen as a threat to liberty and the rule of law. Similarly, the U.S. Treasury’s sanctioning of the smart contract of privacy mixer Tornado Cash, despite it being just code and not a foreign entity, has also sparked controversy.
In light of these developments, it is essential for the government to adopt a more collaborative approach towards regulating digital assets and blockchain technology. Rather than treating crypto businesses like traditional companies, regulators should work hand in hand with the industry to leverage the innovative potential of blockchain technology. For instance, if KYC (know your customer) protocols are deemed necessary in a decentralized environment, regulators can explore blockchain-based credentials that give users control over their data while ensuring compliance with regulatory requirements.
To attract top talent and position the U.S. as a leader in the crypto space, the government must create a welcoming business environment. This includes putting an end to the de-banking of crypto companies, improving SEC rule-making and enforcement, rolling back punitive tax rules, and reducing unnecessary red tape that hinders innovation in the fintech sector.
By adopting forward-looking policies and consulting with industry leaders, the U.S. can assert its global regulatory leadership in the digital asset ecosystem. This will not only contribute to the country’s economic prosperity but also uphold American values of innovation and freedom. It is crucial for the government to seize this opportunity and embrace the transformative potential of blockchain technology.
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