Senior counsel Chris Giancarlo and partner Justin Browder published an article in International Financial Law Review discussing the key foundational principles for regulating cryptocurrency in the United States. The authors explain the evolution of the Internet and related technology from an Internet of Information to an Internet of Value, and explore the importance of crafting a public policy response to the Internet of Value, especially bringing together the two worlds of the legacy financial system and the new architecture of decentralized trust.
The article covers a number of key foundational principles for U.S. crypto regulation that will enhance political legitimacy for oversight of this new architecture of finance, including:
- Assert Congressional Leadership
- Seek Bipartisanship Input
- Garner Public Input
- Be Comprehensive
- Update Financial Instrument Taxonomy
- Seek Financial Inclusion
- Close Crypto Spot Market Gap
- Embrace Industry Self-Regulation
The authors explain that it is time for Washington to respect the enthusiasm for crypto asset and financial innovation with a thoughtful and balanced response. Read the full article here.