• Wed. Jun 22nd, 2022

Cryptocurrencies vs Regulations: Which Side Will This Coin Fall On?

ByHazel R. Lang

Jun 5, 2022

Shaun Tham, Legal Director of ChainUp shared his insights into the digital marketplace at Blockchain Fest 2022 this week. He acknowledged that businesses face challenges in this changing environment. However, the executive remains certain that the regulations should be put in place in the near future.

At Blockchain Fest 2022, the future of digital asset regulation was discussed by Shaun Tham. He thinks the regulations are imminent and could be implemented soon. He also stated,

“The World Economic Forum noted in 2021 that to date there has been no internationally coordinated regulation of blockchain and cryptocurrencies. Going forward, increased regulatory scrutiny is inevitable, and a uniform global framework should be the starting point for any meaningful attempt to regulate the industry in a practical, sustainable and enforceable way.

Crypto bill to reach the sweet spot

Regulatory headwinds are gaining strength around the world. Some cases from the recent past further underscore why enforcement of digital asset regulations is imminent, starting with Senator Cynthia Lummis’ latest tweet.

Lummis flagged the digital asset statement that is expected to be announced next week on June 7. She was also present at a discussion on cryptocurrencies hosted by Heritage Foundation last week.

Asked about the commonalities between conservatives and Bitcoin, she said they hoped for a “sweet spot” with the bill. She added that instead of blocking innovation, the bill seeks to encourage it while creating a regulatory framework.

“It (the bill) includes coins that are commodities, coins that are securities, it includes stablecoins, it includes discussion of CBDCs, consistent with what we heard earlier and a little wink look at NFTs. It’s going to be bipartisan, it’s been widely endorsed by people from both parties. It has been widely endorsed by bureaucrats and regulators. As well as the innovative community. So we think we’re on the right track, we think we’ve found that sweet spot.

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