Jun 8, 2021 10:55 UTC
Jun 8, 2021 at 10:55 UTC
Previous SEC head & treasury undersecretary protect US crypto regulations
Previous top policymakers Jay Clayton & Brent McIntosh have fortified the crypto regulatory regimes recognized during their government tenures.
The regulatory weight is mounting in the U.S., with more politicians interrogative whether the present framework is passable.
A view piece penned for Wall Street Journal by previous SEC Chairman, Jay Clayton, & previous Undersecretary of the Treasury, Brent McIntosh, have defended the U.S present regulatory apparatus concerning crypto & warned that extreme rulemaking could stifle novelty.
The deliberations come as cryptocurrencies have been terrified into the regulatory attention once again in the wake of 2 crippling ransomware bouts in the U.S. Over the weekend, 2 politicians deliberated on the view of banning cryptocurrencies as a solution to the ransomware attacks.
Clayton served as SEC head from May 2017 pending Dec 2020 & specified that the agency didn’t take up BTC regulation because the asset was professed not to be security before he took up his position as its head. Clayton has continued in the industry next his departure from the SEC & now advises One River Asset Management on cryptocurrencies.
McIntosh was the Under Secretary of the Treasury for International Affairs from Sept 2019 until Jan 2021, before serving as General Counsel to the Department of the Treasury between 2017 & 2019.
The pair highlighted the test of finding a practical regulatory balance that safeguards basic consumer defenses without hot the crypto industry’s growth, cautionary that the sector could effortlessly be subjected to extreme or inadequate regulatory oversight while adulatory existing guideline:
‘Current regulatory frameworks provide the tools to address numerous of the risks of innovative technologies without hot their promise.’
They counseled policymakers to crushed their efforts in the principal objects underpinning current financial regulations. These include financial constancy & the deterrence of fraud & illicit activity.
The pair decided that a coordinated method is vital that ensures the U.S. retains its character as a financial leader:
‘A prompt, coordinated method to regulatory clarity that shapes on our present knowledge base will empower accountable innovation & safeguard that the U.S. financial system continues its management role in the formation of capital, the provision of credit, & the maintenance of constancy on which the contemporary global economy depends.’
Those in power seem to be angling for a heavier-handed method, with Treasury Secretary, Janet Yellen, affirming that the misuse of crypto is a rising problem in Feb.
Gary Gensler SEC chairman also obliques at greater regulatory oversight for United States crypto exchanges in initial May.