Representative Warren Davidson acknowledged that the “capital is fleeing the US to jurisdictions with legislative certainty”. He also admitted: “there are lots of securities laws I’d like to change”.
Commentary: What a refreshing, positive, open-minded and promising attitude in contrast to “ban and outlaw” posture of Representative Brad Sherman of California last week.
SEC Commissioner Hester Peirce found it to be “candidly depressing to see that lots of activity moving offshore” due to sluggish steps to define regulatory frameworks for crypto in the US. She is “worried that we will be missing the way to attract innovation”.
Commentary: Great to see this level of self-awareness from SEC as well as their announcement to launch FinHUB as the 1st step in addressing the issue https://lnkd.in/dzWBsjz.
Amy Kim, Chief Policy Officer at Chamber of Digital Commerce mentioned a legitimate dilemma as to “how to manage global currency while applying local rules”, announced some changes to Global AML compliance and introduced a new term VASP or “Virtual Asset Service Provider” (https://lnkd.in/dRRWFeR)
Commentary: I once wrote my opinion in “Crypto-Geopolitics” article in May 2018 (https://lnkd.in/dMJKmuC), that in crypto-economy there will be limits to the US ability to export regulatory influence on other jurisdictions. Unfortunately, I still see an effort to shoehorn old fiat practices into a new reality. In my opinion friction and antagonism followed by loss of power to a certain degree is inevitable. Once these limitations are fully understood, a natural urge to “ban and outlaw” follows as a reaction, just as Representative Brad Sherman of California demonstrated last week.
… and a bonus, a good quote from Deloitte Principal Tim Davis:
“If you overly emphasize ‘blockchain’ when marketing your project, chances are high you will face a great deal of skepticism”.
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You can reach me with questions or comments on LinkedIn at https://www.linkedin.com/in/geneswinton/