Ex-policy makers including, the undersecretary of treasury Brent McIntosh and Securities and Exchange Commissions head Jay Clayton, had supported the digital assets regulatory regimes formed when they were in government.
The rule-making pressure is building in the United States as more and more politicians have started questioning if the existing system is adequate.
The ex-policymakers have written in WSJ to express their support for the existing regulatory mechanism related to crypto and cautioned that needless legislation could hamper the innovation potential that crypto holds.
Digital currencies are back in the spotlight after two devastating ransomware attacks in the United States of America. Two senators on the weekend consciously proposed the possibility of completely banning the digital currencies from the US to resolve the emerging ransomware attack problem.
Jay has served as the head of US Security and Exchanges Commissions from May of 2017 till the end of 2020. The former head had expressed his opinion that he did not take BTC regulation when he was in SEC because BTC was not declared as a security before he was appointed the SEC head. Presently, the former head of the US SEC works as an advisor on digital currencies at One River Asset Management.
The Undersecretary, Brent McIntosh, was in office from September of 2019 till early 2021. He has also served as the General Counsel to the Treasury Department from 2017 till 2019.
Both of the former policymakers have stressed the challenges surrounding a practical legislative balance that will not only work in favor of the general public but also does not hamper the potential of the crypto market. The pair cautioned in their opinion piece on the WSJ that the crypto industry could easily be put through outrageous regulation while the pair praise the current framework.
Both of the former policymakers advised the current policymakers to focus their efforts on solidifying the current financial laws of the country, which include the avoidance of illicit activities, fraud, and monetary stability.
Both carried on concluding it was essential for the US to move with a coordinated effort that will reaffirm that the United States remains a financial leader in the world.
The current power holders seem to be taking a much stern approach as the current Secretary of Treasury is issuing a statement that states that the abuse of digital assets is an increasing problem. Similarly, the current chairman of SEC, Gary Gensler, implied broader regulatory management for the crypto exchanges of the USA in May.