To paraphrase Alan Kay, perhaps the best way to predict the future U.S. regulation of digital assets is to invent it. Recent thought-provoking private sector proposals, and accompanying Washington charm offensives, show the growing appeal of such an approach.
In what might be the most visually compelling element of the proposals, 1a16 used an image depicting all of the various U.S. federal and state regulators - sourced from a diagram appearing in a 2016 report by the U.S. Government Accountability Office titled Financial Regulation: Complex and Fragmented Structure Could be Streamlined to Improve Effectiveness - when noting the challenge of weaving new regulations into the existing framework.
While it remains unclear how U.S. regulation will develop, it is increasingly clear that now might be the best time to have an influence on that development.
The U.S. should create a new regulator to oversee digital asset markets, Coinbase said in a new policy proposal released Thursday. It warned that failure to regulate appropriately could leave the country even further “behind” other governments. The proposal comes a day after one of its investors, venture capital firm Andreessen Horowitz, released its own vision of how next-generation internet services including blockchain and digital assets should be regulated