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As Bitcoin Soars, Advocates Seek to Head Off New Restrictions

Yaya J. Fanusie
14th December 2017 - Quoted by Mark Niquette - Bloomberg

Bitcoin enthusiasts struck it rich this year as the cryptocurrency surged. Now they’re preparing for battle in Washington to protect their industry’s ascent.

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While some people may have concerns there’s not enough regulation, it’s less of an issue in the U.S. than in other jurisdictions, said Yaya Fanusie, director of analysis for the Center on Sanctions and Illicit Finance at the Foundation for Defense of Democracies in Washington.

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The best thing lawmakers can do is consult the cryptocurrency industry when drafting new legislation or regulation to better understand it, and to be very clear about what definitions are used, Fanusie said.

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“You have to be very precise because we’re talking about a new industry and new terminology,” he said.

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Tags

bitcoin, csif, fintech