Federal coverage professional Dorothy DeWitt mentioned at a latest occasion that regulation round cryptocurrencies might take a decade or extra, even when progress is made.

DeWitt highlighted the prolonged technique of rulemaking, citing the Dodd-Frank Act of 2010 for example, noting that the CFTC has till 2021 to move ultimate guidelines. In keeping with DeWitt, reaching consensus amongst apathetic individuals, individuals with restricted comprehension, and individuals who discover complicated points tough is absolutely tough.

Moreover, the U.S. Securities and Trade Fee (SEC) can also be going through jurisdictional battles with businesses such because the CFTC when drafting rules, mentioned James Park, a UCLA legislation faculty professor. DeWitt beforehand served as a former chief adviser to the Senate and a former director of regulatory affairs on the CFTC.

Veteran federal coverage professional Dorothy DeWitt make clear the complexities of the regulatory course of at a latest occasion.

Whereas acknowledging that progress has been made within the area of cryptocurrency regulation, DeWitt careworn that the precise implementation of particular insurance policies is prone to be a long-term endeavor, maybe past a decade.

One of many main obstacles to reaching settlement on cryptocurrency regulation is the completely different views and data gaps amongst coverage makers.

DeWitt mentioned it may be tough to reconcile people with restricted curiosity or understanding of the subject material, or those that are intimidated by the complexity inherent within the cryptocurrency world. Reaching a collective settlement amongst these varied stakeholders will likely be a significant hurdle, additional extending the timeline for regulatory readability.

James Park, a revered professor at UCLA Regulation Faculty, provides additional complexity to the regulatory setting.

He famous that whereas the SEC is actively concerned in setting the rules, it faces jurisdictional disputes with the Commodity Futures Buying and selling Fee and different regulators. The time-consuming nature of the regulatory course of is compounded by overlapping tasks and the necessity to resolve these complicated authorized points.