According to an expert in cryptography interviewed by Thinking Crypto, regulators will strengthen cryptocurrency regulations after their initial implementation. The first US crypto law may not be perfect, but regulatory bodies will continually work to improve it over the long term.
Crypto Law’s Imperfect Beginnings
Discussing potential new cryptocurrency legislation in the US, the expert on Thinking Crypto noted that even if the new regulation is not flawless, it would still be an improvement over the current situation, where everything is unclear regarding innovation and compliance.
Active Role of US Regulators
According to the expert, when it comes to crypto law, regulators will continue to collaborate and make adjustments after it is enacted. US agencies, including the CFTC and SEC, will be directly involved in refining and perfecting crypto legislation once it is in place.
Learning from the European Union Example
A cryptography specialist highlighted the importance of iterative lawmaking, citing the EU’s Markets in Crypto-Assets (MiCA) regulations as an excellent example. The specialist believes that although the EU regulations were not ideal at first, they have since been modified to better serve customers.
The specialist added that US regulators will take a similar approach when designing the future legal framework for the cryptocurrency sector, and that the success of the EU model shows the potential for significant progress.
Source — Thinking Crypto: https://www.youtube.com/watch?v=eMKEElI4JUo