What Kind of Regulation Is Fit for Crypto?
Sen. Elizabeth Warren (D., Mass.) speaks in Durham, N.H., Nov. 4.
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Charles Krupa/Associated Press
Sen. Elizabeth Warren’s skepticism of crypto is well-documented and myopic (“Regulate Crypto or It’ll Take Down the Economy,” op-ed, Nov. 23). While those who flagrantly disregard corporate governance norms and undermine basic consumer protection must be rooted out, it is inaccurate to use the downfall of one company as illustrative of an entire industry.
The industry agrees that new rules from Congress—fit for purpose and crafted for this new technology—would help address policy questions and provide a measure of clarity for U.S. consumers. The current strategy is “regulation by enforcement,” pursuing enforcement actions that make headlines but do little to protect millions of U.S. consumers.
Crypto is here for good. Innovations won’t be uninvented. We ask Ms. Warren and her colleagues to work with industry, not against it, to ensure America will lead the world in this technology and usher in the next generation of the internet.
Kristin Smith
Exec. director, Blockchain Association
Washington
Though I departed from Ms. Warren’s politics some time ago, her op-ed is a necessary wake-up call. My former neighbor was a forensic accountant. I asked him one day what he thought of cryptocurrency. He replied that it exists for two reasons only: tax evasion and money laundering. Despite the touting of the merits of blockchain tracking. a friend has only been able to watch helplessly as the money stolen from him trickles away.
Jack Knutson
Pebble Beach, Calif.
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