Due To Unclear Crypto Rules, The US Is At Risk Of Being Left Behind European Countries

JAKARTA The importance of clarity of crypto regulations is important to regulate digital assets in a country. However, that does not happen in the United States. The reason is, US regulators, Securities and Exchange Commissions or SECs have not provided guidelines that can be followed by the crypto industry in Uncle Sam's country.

Recently, SEC chairman Gary Gensler stated that all cryptocurrencies other than Bitcoin are securities. This statement reaps the pros and cons among the crypto community because previously the SEC did not explain the category of crypto securities and commodities.

Commenting on this, SEC executive Hester Peirce acknowledged the US potential lag behind other countries regarding clear crypto rules. According to a Financial Times report, SEC Commissioner Hester Peirce proposed a framework created by Brussels and London could be a blueprint for US lawmakers in drafting crypto rules.

Peirce said that the US had made a big mistake for not adopting the approach taken by Britain and the European Union towards the crypto industry.

"The UK [approachment] is one that can be a model for us, MiCA (Crypto Asset Market Regulation) can be a model for us. I think we shoot ourselves by not having a regulatory regime in the US," said Hester Peirce.

For information, MiCA is a set of European Union rules governing the issuance and provision of services involving crypto assets and stablecoins. The Financial Times said the wawha MiCA is scheduled to take effect next year.

It did not stop there, the SEC Commissioner also added that US regulators chose to take action against the world's leading crypto company Coinbase instead of formulating transparent guidelines.

That means, the crypto industry in the US is under great pressure from regulators so they have the potential to leave the country and choose countries that have crypto-friendly rules such as Singapore, Dubai, and Japan.