Too Many Regulations Not Helping U.S Crypto Space – Prof. Carol Gofort
Too Many Regulations Not Helping U.S Crypto Space – Prof. Carol Gofort: Professor of Law, Carol Gofort has spoken on the effect of the overlapping regulations on the U.S Crypto space.
The Professor stated that the various agencies overseeing crypto assets in the United States like SEC, Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS), all have their own definition of what a crypto asset is.
According to her, the result is a confusing mix of classifications and requirements for crypto assets. The definition keeps changing and an attempt to meet all the requirements of the definition given by each agency is always tedious for the players. She equally added that it gets even more tedious at the state level since each state in the association has its own arrangement of securities laws and expense routines.
On the way forward, Prof.Carol prescribed that there should be a more detailed administrative methodology so as to prevent overregulation.