Check this up,
R E P O R T OF THE JOINT ECONOMIC COMMITTEE CONGRESS OF THE UNITED STATES ON THE 2018 ECONOMIC REPORT OF THE PRESIDENT, pages 200+
https://www.congress.gov/115/crpt/hrpt596/CRPT-115hrpt596.pdfSolving the challenges cryptocurrencies and blockchains present
will require unique solutions that balance the needs of consumer
protection, security, and entrepreneurship. While it is impossible
to determine precisely which rules, regulations, and guidance will
result from this process, one thing is certain. Regulatory agencies
will need to coordinate to ensure they do not work at cross
purposes. America is already subject to a complex set of regulatory
institutions governing financial products and transactions. As
Perianne Boring of the Chamber of Digital Commerce
highlighted, this regulatory web produced four different
classifications of digital assets (commodity, security, currency,
and property), which is not conducive an environment where
entrepreneurs are enthusiastic about launching a startup.
Regulators recognized the need for coordination. In the Wall Street
Journal, SEC Chairman Jay Clayton and Commodities Futures
Trading Commission Chairman J. Christopher Ginacarlo noted:
The CFTC and SEC, along with other federal and
state regulators and criminal authorities, will
continue to work together to bring transparency
and integrity to these markets and, importantly, to
deter and prosecute fraud and abuse.
Outside the financial space, as noted above, other executive
agencies such as NIST and HHS continue working towards
standards that promote compliance without needlessly halting
innovation. For cryptocurrencies and blockchain to further thrive,
policymakers will need collaborative and innovative solutions that
set the rules of the game without overly prescriptive regulations
that constrain this emerging technology from reaching its full
potential
