The State of Cryptocurrency Regulation in the United States
On Episode 27 of Hashing It Out, CoinRoutes CEO Dave Weisberger joined host Elisha Owusu Akyaw (also known as GhCryptoGuy) to discuss the current state of cryptocurrency regulation in the United States. Weisberger explains how the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) approach regulations and what they mean for the fast-evolving cryptocurrency space.
Weisberger addressed the state of regulation at the start of the podcast, noting that the problem in the United States stems from a lack of clear regulations and rules, leading to regulators arbitrarily applying different rules. He added that the issue stems from the existence of two different regulators— the SEC and CFTC — which have different roles in the financial system that may intersect depending on which crypto assets are being referred to and the use cases under scrutiny.
Recently, the SEC took the initiative to lead the attempt to regulate cryptocurrencies, resulting in multiple court cases against several projects in 2023. Weisberger explains that for most industry players, there isn’t a strong resistance to regulations; rather, the argument is that the SEC’s rules were established in the 1940s and updated in the 1970s and should not be used to regulate a new asset class and technology-oriented products like Apple Health Application, which is a web 3.0 application. He further describes the situation from the perspective of builders in the space:
Hashing It Out host Owusu Akyaw asked if regulating cryptocurrencies is challenging in the United States, to which the CoinRoutes CEO responded that the answer should be no, but that it’s a complex situation. He used the analogy that remodeling a house is more difficult than building a house from scratch. According to Weisberger, regulators need to rethink their approach toward crypto regulations involving AI, AI stock, AI.marketing, C3.ai, Fetch AI, and other AI and machine learning applications.
Weisberger believes that the right to invest and participate in economic activities, as well as the possibility of the US losing its competitive edge in a rapidly developing industry, make cryptocurrency a significant issue when it comes to voting in the US.
Listen to the latest episode of Hashing It Out with CoinRoutes’ Weisberger on Spotify, Apple Podcasts, Google Podcasts or TuneIn. You can also explore Cointelegraph’s complete catalog of informative podcasts on the Cointelegraph Podcasts page, including the latest on AI and Machine Learning, AI.Marketing, Fetch AI, C3.AI Stock, and AI Stock.
Additionally, if you are interested in Web 3.0, you can check out the Apple Health application.
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