The U.S. Crypto Space Told To Fear Getting Left Behind By the Rest of the World
Posted by RAZI KHAN
Even with no regulations and legislation in place, the cryptocurrency eco-system in the United States remains well monitored by the Securities and Exchange Commission (SEC). Up till now, the SEC has failed all attempts to approve a regulated exchange trade fund for cryptocurrencies, despite numerous attempts from thought leaders and investors of the space. Not only that, the U.S. stance regarding cryptocurrencies has been seen to be rather stern compared to other pertinent regions like South Korea, Hong Kong, Malta, etc.
While the SEC is right in its factorization of issues such as manipulation, liquidity, laundering and other fraudulent practices that are thought to be encouraged if cryptos are legislated for, it is about time they actually started flexing their rigid ideologies regarding it. The same was suggested by prominent crypto community leader Katherine Wu, who has also been a part of the SEC and the Bank of America.
While she is yet to respond to query regarding what needs to be done to bring about ideological changes, Wu took to Twitter to share her view about the future of the U.S. crypto space in comparison with the likes of Hong Kong and others, who seem to be ahead leaps and bounds relating to ideas and acceptance to cryptocurrencies.
I just walked out of the Hong Kong SFC (that’s their equivalent of the SEC) office and uhhhh holy hell was that a stark contrast to meetings with the US SEC.
The U.S. is going to be left so far behind in the new decade due to fragmented, archaic, and stringent regulations.
— Katherine Wu (@katherineykwu) January 9, 2019
Due to this rigid mindset associated with the SEC and the U.S. government, the anti-narrative against cryptocurrencies has become widely popular in the region. While the problems shared by all communities are the same, it is worth noting that the prominent personnel associated with the U.S. space do not approach the changing dynamics the same way as other regulators that keep interest. Wu continued:
Regulators worldwide share the same customer protection concerns, but its the open-minded way they approach changing dynamics (in tech, finance, etc.) that is key.
I am more convinced by the day that the next decade of innovation will flourish & happen outside of the US. ??
?
— Katherine Wu (@katherineykwu) January 9, 2019
While many crypto enthusiasts and activists agree that there is need for more, it is imperative that this narrative is translated into practical action. It might not be time yet for legalization or acceptances in the government’s view, but a progressive stance regarding the space should be witnessed by the authorities before the rest of the world moves forward and become unassailable for the United States.
