Fair Crypto Laws ‘Possible’ in the US, But a Lot of Work Needed – Crypto Council Adviser

Crypto Council for Innovation adviser Sean Lee believes it is possible to create fair and equitable regulations in the United States for cryptocurrencies, but the process is going to take a lot of work. During his recent interview with Fox Business Network, Lee discussed the importance of collaborating with policymakers and financial regulators and educating them about the sector.

Lee started the conversation by noting that cryptocurrencies are not just for people who want to purchase illegal items, as has sometimes been perceived. He mentioned that many investors, institutions, and more were joining the space, which was advocating for a “responsible and banking-like structure”.

He further noted that the US had lagged behind in terms of regulations but collaborations with the World Economic Forum, G20, and other international analyses had made U.S.-based crypto companies more competitive.

Lee mentioned the attempts of governmental officials and industry leaders to develop a set of common standards that would allow regulators to better understand the space. He encouraged users to be patient, noting that industries “don’t develop overnight.”

Lee said, “Crypto is still relatively new and new technologies take time to get implemented into globally accepted standards and it takes a whole lot of collaboration across the world to ensure that the regulations that come into the market are fair, equitable, and applied the same way all over the world.

He believes that policies need to be dynamic and that ‘static’ agencies may have difficulty keeping pace. He said, “The pace at which we adopt, measure, and implement policy measures, as well as how technology moves and how regulation moves, is two different things. I think it will require a lot of hard work on the administrative side to ensure that they can keep up and they can serve the citizens who are engaged in the space.”

In conclusion, it is possible to create fair and equitable regulations in the United States for cryptocurrencies. However, the process will involve a lot of work and collaboration with policymakers and financial regulators to make sure they understand the space and develop a set of common standards. Only then will we achieve the fair and equitable regulations that are needed for the industry.