Such recommendations only hold as much merit as they grant entrepreneurs the freedom to take risks and curtail massive corporations from rolling out a digital panopticon with centralized cryptocurrencies. Recent: SEC task force continues meeting with firms over crypto regulationsIf the US is to be competitive with countries like the United Arab Emirates, the US must create a regulatory sandbox that enables founders to develop technology — including controversial technologies like decentralized coin mixers — in legal gray areas without the fear of prison or jail time so long as they are not blatantly breaking pre-existing law. It’s time to let the market decideBefore Trump was elected, US crypto founders contended with seemingly arbitrary Securities and Exchange Commission witch hunts, which have ensnared even the most respected crypto institutions, such as Coinbase and Kraken. The SEC went after Ripple for issuing an alleged unregistered security, but Ripple enjoyed significant wins in that case, especially when selling tokens to institutions.
While the task force gave lip service to regulatory clarity, the goal seemed to placate the crypto industry, not bring about change that empowers individuals. On Jan.23, the president established a working group for digital assets to propose a federal regulatory framework around issuing and operating digital assets, including stablecoins and a Bitcoin reserve.
Instead of studying the feasibility of a Bitcoin reserve, just put the Bitcoin confiscated from Ross Ulbricht, founder of the Silk Road, under the management of the Treasury and call it a day instead of selling it. The Crypto Task Force must work now to build a renewed spirit of technological innovation in the United States.
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Author / Journalist: Cointelegraph by Kadan Stadelmann
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