Two professors, Carol Goforth and Clayton N. Little, said that in the United States they impede the development of innovative technologies. The announcement was made public on December 7 on the University of Oxford Faculty of Law website.
Carol Goforth, a professor at Oxford University and Clayton N. Little of the Arkansas School of Law, accused US regulators of "as obstructing financial progress".
The article assumes that the US Securities and Exchange Commission (SEC), the Commodity Futures TradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details Commission (CFTC), the Internal Revenue Service (IRS) are trying to manage cryptocurrencies and thereby negatively affect the development of the "new" global economy.
Cryptocurrency regulation in the USA
"Since different legislative bodies in the United States have different regulatory powers and responsibilities, each agency tends to classify the same assets differently in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details to assert exclusively its jurisdiction (...) This is the reason for the oppression of the cryptocurrency industry" – Carol Goforth of Oxford University and Arkansas School of Law’s Clayton N. Little.
As you know, representatives of the SEC and CFTC are still confident about the need to comply with existing laws when working, calculating or trading cryptocurrency assets. Recall that in October, the chairman of the CFTC, Christopher Giancarlo, recognized the complexity of the situation in relation to the work standards of his agency and the SEC.
"... different orientations, different histories, therefore we analyze the cryptocurrency sphere from different points of view" – Christopher Giancarlo, CFTC Chairman.
However, according to Gofort and Clayton, the situation does more harm than good. On December 7, Gofort wrote in a summary of his work for Oxford Law School: "Although various US authorities have repeatedly stated that they do not want to over-regulate cryptocurrency or suppress innovation in the country (...), but restrictive rules developed by many different agencies with different missions and priorities have created a confusing mix of classifications and requirements." – from an article on the University of Oxford Faculty of Law website.
In the United States, they are hindering the development of technology: Professor Carol Goforth and Professor Clayton N. Little continued the discussion about the incorrect formulation of bills for cryptocurrency assets.
Recall that this year cryptocurrency exchanges, including Coinbase and Bittrex, began to develop a tendency to create a freer jurisdiction, independent of the SEC and CFTC. This has become necessary in order to offer customers additional coins that are not available to their American colleagues.
Editor: Yuliya Soroka