U.S. Government "Not Close" on Crypotcurrency Regulations
According to White House cybersecurity coordinator, Rob Joyce, the U.S. government still has much to figure out when it comes to regulating cryptocurrency. He states that it is important for the government to take a restrained approach to cryptocurrencies, as rushed lawmaking could yield unintended consequences. Joyce quoted:
Joyce does believe that regulation will be a necessity due to the "anonymous" and permanent nature of crypto-transactions, and how they could allow for criminal activity, without recourse to recover the currency. Joyce believes that until we can figure out how to reverse or recover fraudulent or illegal transactions, "...it's a problem." The fact that the government is taking slow and measured steps toward regulation is a good thing, in light that other governments (such as South Korea and China), have made swift, bold statements regarding potential harsh regulation of Bitcoin and other cryptocurrencies. It offers a sense of validation from the U.S. government, amongst the recent flurry of FUD, and we appreciate that.