Lack of U.S. cryptocurrency regulation invites risk

The success of cryptocurrency systems like bitcoin has been hindered by the risks that come with investment in these cybercurrency markets. The lack of sanctioned U.S. cryptocurrency regulation leaves cybercurrency vulnerable to exploitation. A further problem is that the unregulated organizations that facilitate cybercurrency transactions lack a compliance structure that leaves customers no legal recourse in the event of loss.

There have been legitimate concerns that cybercurrency could pose a serious threat to our current financial system and infrastructure. U.S. Treasury Secretary Steven Mnuchin recently suggested that cryptocurrency “is indeed a national security issue,” further stating that the current administration “will not allow digital asset service providers to operate in the shadows.”

The Treasury Secretary voiced his concerns about the cryptocurrency Bitcoin by claiming it is “highly volatile and based on thin air.” President Donald Trump said recently that…