Will cryptocurrency be regulated? Not yet. | Code 2018



there are a lot of parallels that are always drawn between the early days of the internet and crypto currencies and blockchain and I think some of those parallels are really appropriate particularly where you're talking about regulation because in the early days of the internet we heard calls for a single regulator should there be a regulator of the internet and who was going to raise our an Internet czar and you know that didn't happen and I think that was probably good that didn't happen we've seen similar things here with this technology so I think when you talk about who's going to regulate in the US the answer is the same that we see with the internet you have myriad agencies you've got goj SEC CFTC I won't bore you with the rest of the alphabet soup but similarly we saw that with the internet so no one answered this is something where there's going to end up being a decree from one of these agencies and there is a tell that there's a telecom law that effectively sort of regulates a lot of the internet and over the years we sort of litigated that we're gonna see something like that or or some other way of that I think what you're referring to is the Communications Decency Act section 230 but even that didn't come in immediately we were all using the internet right that took several years it was passed in 1996 I think similarly here we don't want regulation to outpace understanding and if you would have had a law about crypto currencies or blockchain passed a year ago it would have been completely outdated today so I think regulators lawmakers policymakers know this it's important to wait and see how the technology develops for example who was talking about icos initial coming offerings a year and a half ago we wouldn't have if we had had a crypto law passed it wouldn't have covered that so I don't think we'll see a uniform law on crypto a regulation on crypto what we'll see instead I predict we'll see a series of enforcement actions for some of the worst of the worst actors in the space from a variety of different agencies we will potentially see some legislation and in the coming years if it turns out to be necessary but look there are already plenty of laws on the books that regulators and lawmakers and law enforcement have there's money laundering laws and you know regulators can adapt how long practically do you think before you have an established sort of body of law it says this is okay this isn't okay this is security this isn't years

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