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Pundits Agree That A Standard Crypto Regulation Is Needed In The Industry

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Crypto experts recently discussed online to address issues and talk about ways to use cryptocurrencies in the national interest.

On March 30, a webinar was hosted by the National Security Institute and George Mason University titled “Crypto and National Security: How to Validate American Innovation and Verify U.S. National Security,” with Journalist Laura Shin as the moderator of the online event.

Several top names in the tech and crypto space participated. These include Chief Executive Officer of Crypto Council for Innovation Sheila Warren, global managing partner at risk and compliance monitoring firm nK2 Integrity Juan Zarate, and Executive Director of Coin Center Jerry Brito.

One of the major topics of discussion at the online event was American innovation as it concerns the crypto world.

Blockchain Can Strengthen U.S. Capital Market

Zarate emphasized more on blockchain technologies and how they can be used to “challenge U.S. adversaries”. He added that blockchain can play a major role in the sustenance of the dollar and the reinforcement of the U.S. capital market. Zarate noted that dollar-denominated stablecoins can be used to the country’s advantage.

On his part, Brito stated that it is hoped that the crypto space will be allowed to grow and develop with open access platforms like the internet. He described the process as “letting a thousand flowers bloom”

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The U.S. Needs To Get It Right With Regulation

While answering questions about crypto regulation, Zarate frowned at the “shoehorning” approach to crypto regulation. He said the regulation should be based on the nature of crypto rather than the agencies’ purviews. He was particularly supportive of a principle-based regulation system while criticizing the IRS for being a “laggard” at regulation.

Brito said the U.S. needs to get it right with regulation if it wants the industry to move forward and be better than what it is today.

Warren, on the other hand, discussed incentivization ad risks in the industry, but Brito chirped in again, saying the financial world deals with risk in a different way rather than the unwillingness to accept any risk of bad action.

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