'The overwhelming majority of digital asset players want to be compliant and safe for consumers,' chainalysis caro_malcolm writes. They just need clear regulatory guidelines that account for the specifics of the underlying technology. Opinion.
In the U.S., the claim that crypto faces"regulation by enforcement" is giving way to a growing and real threat of a"ban by enforcement," all at the cost of protecting American consumers and markets.
U.S.-based firms are increasingly debating whether they should relocate to other jurisdictions where clear regulatory guidance exists. This harms U.S. consumers by limiting the market options available to them, and also by potentially pushing a revolutionary technology outside the bounds of U.S. law. Therefore, a comprehensive regulatory framework is the only sustainable path forward – even if the only goal is consumer protection.
Prudential regulatory requirements can help ensure that digital asset players are resilient to shocks, and can continue to meet their obligations to customers under stress. The appropriate prudential measures will depend on each business’ risk profile, and can include capital and liquidity buffers as well as business continuity and resolution planning to facilitate an orderly wind-down in the event of failure.
Regulators, too, have a role to play in ensuring that industry participants have the policies, processes and resources to promote fair and efficient markets, as well as the tools themselves to detect and investigate abuse.
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