CoinRoutes CEO Dave Weisberge said the problems in the U.S. stem from a lack of clear regulations and rules, leading regulators to apply different rules arbitrarily.
Weisberger added that the problem stems from the existence of two different regulatory agencies (SEC and CFTC) that play different roles in the financial system, roles that may overlap depending on the cryptoassets involved and the assets under scrutiny. Example.
Also, the SEC’s rules, created in the 1940s and updated in the 1970s, should not be used to regulate new asset classes and technology-oriented products.
As an example, Weisberge said: “Retrofitting a house is more difficult than building it from scratch,” and regulators need to rethink their approach to cryptocurrency regulation.