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United States' cryptocurrency regulations are creating a problematic image for the country as an innovator and it needs at "more nuanced approach." Two university professors have made this claim in an article Friday, Dec. 7, referring to a paper originally published Nov. 16.
Cryptocurrency, Carol Goforth of Oxford University and the Arkansas School of Law's Clayton N. Little blamed the "overlapping" authority of various regulators as hindering progress.
The U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Internal Revenue Service (IRS) and more than one attempt to govern cryptocurrency, the professors say.
"Because different agencies in the U.S. have different regulatory powers and responsibilities, each agency has tended to classify the very same assets differently in order to assert jurisdiction, "the paper reads.
As Cointelegraph has often reported, representatives of the SEC and CFTC in particular continue to be vocal about the need to comply with existing laws when issuing, dealing in or trading cryptocurrencies.
In October, CFTC chairman Christopher Giancarlo acknowledged the complexity of the situation regarding his agency and the SEC.
"… Different orientation, different histories, I told CNBC's 'Fast Money' segment at a conference.
For Goforth and Clayton, however, the situation does more harm than good. In a summary of their work for the Oxford Faculty of Law Dec. 7, Goforth wrote:
Cryptoassets cryptoassets or to stifle innovation in the space, overlapping regulations produced by a multitude of different agencies with different missions requirements. "
It was "easy," she said, to "see why the US is not considered as being receptive to crypto."
This year, cryptocurrency exchanges including Coinbase and Bittrex began trading in the SEC and CFTC. counterparts.
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