Why Is the US Struggling to Keep Up with Other Nations from a Regulatory Perspective?
July 20, 2019
Bill Taylor, Chief Investment Officer, Fintek Capital LLC, discusses one of the key obstacles facing US regulators: its difficulty in defining this nascent asset class and distinguishing cryptocurrencies from digital assets.
Our jurisdictions here at the SEC and CFTC, particularly, are looking at this as one big class, and until they decide that they need to break it down and define what each one is individually, I don't think that we're going to make much headway. Other jurisdictions are starting from a much lower bar to set up rules based on the new technology. They're creating it. The SEC is old infrastructure. Switzerland, Gibraltar and the others are new infrastructures, so they can build an adapt quickly to that and accommodate what funds need or companies need as they move forward. So this is still the biggest market, but we can't sit and think we are the biggest market. It's all going to come here. We need to get in front of them. And I don't think we're in front of it. I don't see anything happening other than the fact that they are now aware that there's a new world out there. And that's kind of a shame for the U.S.; they're still in meetings deciding what bitcoin is.