{"id":149993,"date":"2023-09-05T13:42:00","date_gmt":"2023-09-05T08:12:00","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=149993"},"modified":"2023-09-05T13:42:00","modified_gmt":"2023-09-05T08:12:00","slug":"us-regulation-could-stifle-blockchain-says-former-white-house-director-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/us-regulation-could-stifle-blockchain-says-former-white-house-director-crypto-news\/","title":{"rendered":"US regulation could stifle blockchain, says former White House director &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Blockchain innovation in the U.S. could suffer from over-regulation of the crypto industry, former White House director of cybersecurity Carole House said during a panel discussion Tuesday at Korea Blockchain Week in Seoul.<\/p>\n<p><strong><em>See related article:<\/em><\/strong> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/sec-blackrock-bitcoin-etf-grayscale-fidelity\/\">SEC delays verdict on BlackRock\u2019s ETF application; Will Bitcoin ETFs see light of day?<\/a><\/p>\n<h2 class=\"wp-block-heading\">Fast facts<\/h2>\n<ul>\n<li>House said that \u201coverly harsh\u201d crypto regulation in the U.S. could work to prevent blockchain\u2019s development as a foundation for key infrastructure. High profile cases of fraud in the crypto industry has created a sense that the underlying technology is at fault when it is actually \u201ca fault of people and businesses,\u201d she said.<\/li>\n<li>The cybersecurity expert said that she sees \u201cgreat potential\u201d in blockchain technology in areas such as identity verification and supply chain transparency. She said that the development of use cases in key infrastructure is a separate issue to blockchain\u2019s use in finance, where much of the majority of regulatory scrutiny is aimed. Regulators should treat the two fields separately, she added.<\/li>\n<li>House said that the U.S. government is trying to drive competitiveness in blockchain technology \u2014 a contrast to what many see as an attempt to constrain the industry by regulators including the Securities and Exchange Commission (SEC) led by Gary Gensler.\u00a0<\/li>\n<li>The SEC\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/binance-coinbase-us-waging-war\/\">clampdown<\/a> on the crypto industry is driving a lot of headlines. But House said that the current period of increased scrutiny has been a long time in the making. \u201cEnforcement actions actually take many years to come to fruition. So a lot of this effort that you\u2019re seeing now culminating in enforcement actions is because of something that\u2019s been a priority for many years,\u201d House said.\u00a0<\/li>\n<li>When discussing U.S. regulatory action, House drew comparisons to Asia, where various jurisdictions including Hong Kong, Singapore and Japan have adopted comparatively <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/the-race-is-on-for-the-web3-hub-of-asia\/\">pro-crypto<\/a> regulatory frameworks over the past year.<\/li>\n<li>\u201cI really do think that the Asia-Pacific whole region has been a powerhouse driver [in crypto regulations],\u201d said House. As an example, she highlighted Japan\u2019s regulatory framework, which she said has contributed to creating global anti-money laundering standards.<\/li>\n<li>House was formerly the senior policy officer for cyber and emerging technologies at the Financial Crimes Enforcement Network (FinCEN). She was director of cybersecurity and secure digital innovation at the White House from 2021 to 2022.<\/li>\n<\/ul>\n<p><strong><em>See related article:<\/em><\/strong> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/financial-stability-board-regulation\/\">Financial Stability Board recommends stricter global crypto regulation after year of industry blow-ups<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain innovation in the U.S. could suffer from over-regulation of the crypto industry, former White House director of cybersecurity Carole House said during a panel discussion Tuesday at Korea Blockchain Week in Seoul. See related article: SEC delays verdict on BlackRock\u2019s ETF application; Will Bitcoin ETFs see light of day? Fast facts House said that [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":149994,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-149993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=149993"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149993\/revisions"}],"predecessor-version":[{"id":149995,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149993\/revisions\/149995"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/149994"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=149993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=149993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=149993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}