Regulate Me Please! Blockchain And Cryptocurrency Execs Desire Regulatory Clarity

REGULATION GAP CREATING AN INNOVATION GAP AS COMPANIES INCREASINGLY MOVE OVERSEAS

Last week, we finally saw some significant movement on Capitol Hill around cryptocurrency¹ regulation, with a hearing chaired by Rep. Warren Davidson. Even if it was only a big meeting, in a big room, with lots of important people, we shouldn’t look a gift horse in the mouth.

The U.S. desperately needs clarity from regulators. Why the need for urgency? Because this space moves in what’s affectionately called “Bitcoin time,” a reference to the blistering pace of innovation where game-changing developments are announced seemingly every month, week, or sometimes even every day. For innovators working in this space, waiting is not an option.

To find regulatory clarity, and have confidence in their own compliance, they are moving overseas to places like South Korea, Japan, and even Switzerland. A big reason why those markets are seeing rapid cryptocurrency adoption is that regulators have moved…