The United States is lagging behind other countries in establishing a regulatory framework for digital assets. This was stated by David Marcus, head of Lightspark and former head of Meta’s blockchain division.
It’s disheartening and frustrating to see us ?? fall behind and failing at retaining and importing the best talents to work on a much needed upgrade to our financial system. The rest of the world is noticing and taking advantage of this situation… https://t.co/wVRYi7oiGe
— David Marcus (@davidmarcus) June 29, 2023
“It is disheartening and disappointing that the United States lags behind and is unable to retain and attract the best talent to work on the much-needed upgrade to our financial system. The rest of the world is noticing what’s going on and taking advantage of the situation,” he wrote.
Marcus responded to a tweet by Paradigm and Coinbase co-founder Fred Ehrsam, who pointed to the UK Law Commission’s new recommendations for regulating the cryptocurrency market from the UK Law Commission.
The document includes the following proposals:
- creation of a separate category of property for recognition and protection of digital assets;
- formation of a group of industry experts to provide recommendations on technical and legal issues;
- development of the legal framework for crypto-asset collateral agreements.
“The UK government must decide whether it intends to push the recommendations,” said a spokesperson for the department.
Earlier, Deputy Governor of the Bank of England John Cunliffe proposed regulating digital assets in line with traditional finance. He also noted that decentralized protocols currently do not provide an effective means of risk management.
In December 2022, Cunliffe urged creating a regulatory framework for cryptocurrencies before the emergence of systemic problems. The UK Parliament has already introduced a Financial Services and Markets Bill, which includes regulation of digital assets.
Earlier, the US venture capital firm Andreessen Horowitz announced its expansion into the United Kingdom.
The cryptocurrency exchange Binance also expressed interest in the UK jurisdiction.
In June FCA added the Bitstamp trading platform to the register of registered cryptocurrency companies.