This article was originally published here.
Harold J. Ford, a former U. S. Congressman, has recently talked about the regulation of crypto assets in the country. According to him, there is a need for a more nuanced approach in order to properly regulated these assets. Failing to do it would harm innovation in the country and put it behind other nations.
He noted that countries such as Malta, Belarus and Gibraltar are all considerably smaller than the U. S. and yet they are ahead of the U. S. when it comes to developing crypto frameworks, which makes them more attractive to investors and innovators. According to him, the U. S. should not miss this opportunity to work with the technology.
During a recent interview with CNBC, he affirmed that it is important that the regulation is clear and that there is separate legislation for decentralized cryptocurrencies and for projects like Facebook’s Libra, which are at the center of the regulators’ attention these days. These are two different initiatives for very different purposes.
The legislation, Harold J. Ford defends, has to be nuanced and take into account how cryptos work to be successful. He also took a jab at the U. S. Securities and Exchange Commission (SEC), affirming that the SEC should actually take the lead in regulating this environment, not ignoring it or being against it.
In fact, the crypto sector seems to be having trouble with the regulation in the country. Despite how more mainstream cryptos have become, the government is yet to create clear, nuanced and comprehensive legislation about this booming market. How much do we have to wait? If it depended on Ford alone, not too much.