Consumer Financial Protection Bureau Director Says Find ‘Sweet Spot’ For Govt Regulations
Director of the Consumer Financial Protection Bureau and Trump functionary, Mick Mulvaney made a statement on Wednesday, suggesting that the U.S. government needs to be careful when dealing with cryptocurrencies – calling the exact balance a “sweet spot”.
This comes during his speech at the Future of Fintech conference, where he not only boasted of his expertise within the crypto-sphere but also his efforts to ensure that the relatively new market is appropriately regulated. That is, not too much to scare away potential investors and not too little to welcome more negative consequences.
He shared the following:
“We knew at an early point in bitcoin that as with any developing financial technology, we needed to find that sweet spot […] if Mt. Gox became a regular occurrence it dramatically undermines confidence in markets […] if we over-regulate and discourage people, that has bad consequences too.”
Because cryptocurrencies, as previously mentioned, are still new with very little to no protections for investors, Mulvaney continues to argue that:
“If people still can’t get access to their own money, that’s a problem. So, the law’s functioning correctly there.”
As a final point, it seems that the director is opposed to only having a single perspective on cryptocurrencies, giving the example of financial instituitions having very reserved opinions.
In particular, he said:
“If for some reason we’re looking at you and the only way we can look at you is through the lens of the bricks and mortar financial institution, and because we do that it has this perverse or absurd result, that’s what we’re trying to identify and to prevent.”