With the crypto market gradually developing, one might have wondered why President Donald Trump has been keeping his opinions concealed regarding said matters.
Not too long ago, the president along with Treasury Secretary, Steven Mnuchin both shared their distaste for digital assets, where the latter stressed the actuality of “very, very strong” regulations.
As a result, US Securities and Exchange Commission (SEC)’s commissioner, Hester M. Peirce, shared her viewpoint, which as reported by News BTC, seems to be filled with concern with respect to the possible setback it creates for the powerful country. Peirce was referenced saying that her greatest concern for U.S. is that the country,
“will fall behind other countries in attracting crypto-related businesses unless we are more forward-leaning in establishing a regulatory regime with discernible parameters.”
Given the large number of regulators, how things will turn out for cryptocurrencies remains a mystery, as Peirce notes this as being the peculiarity of the American system.
Interestingly, Ripple’s Brad Garlinghouse seems to have tweeted in regard to this matter as well, as he highlighted the fact that “not all crypto is the same.”
This appears to have been addressed in a letter to the U.S Congress to look closely at each project on a case-by-case manner, rather than generalizing the entirety of the market. Here’s an extract from the letter:
“In our view, digital currencies have the opportunity to complement existing currencies like the U.S dollar – not replace them. Without a doubt, blockchain and digital currencies will engender greater financial inclusion and economic growth not unlike the internet’s historic impact […] We urge you to support regulation that does not disadvantage U.S companies using these technologies to innovate responsibly, and classified currencies in a way that recognizes fundamental differences.”