Crypto.IQ Daily Digest July 19, 2018

ADOPTION, REGULATION • COINDESK

UK Financial Regulators Are Preparing for a World of Crypto Assets

+IQ Perspective

The UK is moving forward on its regulatory framework for cryptocurrency and that can only mean the U.S. is sure to follow, and soon, especially in light of what Congress was telegraphing in hearings yesterday.

It may take some creative thinking to get past some of the (let’s be honest) clueless comments and opinions offered by one or two U.S. lawmakers. But if you listened closely, the message was that lawmakers have a desire to make the most of the opportunities offered by cryptocurrency. At the same time, they want to offer some protection to consumers and, let’s face it, create some political cover for themselves. We find it encouraging that a good percentage of legislators at both meetings were open about what they did not know while acknowledging a need to move forward thoughtfully.

That works for us. We say tread lightly with regulation; let stakeholders, both industry and consumer groups, in on the conversation; and be consistent. Do that, and cryptocurrency will be fine.

And that seems to be the way things are going because Rep. Brad Sherman of (D-Calif.) only stood out in his foolishness with comments that were based on fear not fact, including this one: “We should prohibit U.S. persons from buying or mining cryptocurrencies. Mining alone uses electricity which takes away from other needs and-or adds to the carbon footprint. As a store, as a medium of exchange, cryptocurrency accomplishes nothing except facilitating narcotics trafficking, terrorism, and tax evasion.”

Because educating about cryptocurrency advances so much of what we stand for at Crypto.IQ, we have already addressed these issues multiple times, and we’re not alone. Obviously, Sherman hasn’t bothered to educate himself. That’s sure to become a political liability in the very near future.