{"id":80959,"date":"2023-06-29T15:33:11","date_gmt":"2023-06-29T12:33:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80959"},"modified":"2025-09-11T20:06:00","modified_gmt":"2025-09-11T17:06:00","slug":"david-marcus-calls-us-cryptocurrency-regulation-disheartening","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/david-marcus-calls-us-cryptocurrency-regulation-disheartening\/","title":{"rendered":"David Marcus calls US cryptocurrency regulation &#8216;disheartening&#8217;."},"content":{"rendered":"<p>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&#8217;s blockchain division.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It\u2019s 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\u2026 <a href=\"https:\/\/t.co\/wVRYi7oiGe\">https:\/\/t.co\/wVRYi7oiGe<\/a><\/p>\n<p>\u2014 David Marcus (@davidmarcus) <a href=\"https:\/\/twitter.com\/davidmarcus\/status\/1674252468979634176?ref_src=twsrc%5Etfw\">June 29, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;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&#8217;s going on and taking advantage of the situation,&#8221; he wrote.<\/p>\n<\/blockquote>\n<p>Marcus responded to a tweet by Paradigm and Coinbase co-founder Fred Ehrsam, who pointed to the UK Law Commission&#8217;s new recommendations for regulating the cryptocurrency market from the UK Law Commission.<\/p>\n<p>The document includes the following proposals:<\/p>\n<ul class=\"wp-block-list\">\n<li>creation of <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-to-be-listed-in-a-separate-category-on-britains-tax-returns\">a separate category<\/a> of property for recognition and protection of digital assets;<\/li>\n<li>formation of a group of industry experts to provide recommendations on technical and legal issues;<\/li>\n<li>development of the legal framework for crypto-asset collateral agreements.<\/li>\n<\/ul>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The UK government must decide whether it intends to push the recommendations,&#8221; said a spokesperson for the department.<\/p>\n<\/blockquote>\n<p>Earlier, Deputy Governor of the Bank of England John Cunliffe <a href=\"https:\/\/forklog.com\/en\/news\/bank-of-england-calls-for-regulating-cryptocurrencies-in-line-with-traditional-markets\">proposed<\/a> regulating digital assets in line with traditional finance. He also noted that decentralized protocols <a href=\"https:\/\/forklog.com\/en\/news\/bank-of-england-flags-risks-in-the-defi-sector\">currently do not provide<\/a> an effective means of risk management.<\/p>\n<p>In December 2022, Cunliffe <a href=\"https:\/\/forklog.com\/en\/news\/bank-of-england-calls-for-regulation-of-cryptocurrencies-before-problems-arise\">urged<\/a> creating a regulatory framework for cryptocurrencies before the emergence of systemic problems. The UK Parliament has already <a href=\"https:\/\/forklog.com\/en\/news\/uk-includes-digital-assets-in-the-financial-services-and-markets-bill\">introduced<\/a> a Financial Services and Markets Bill, which includes regulation of digital assets.<\/p>\n<p>Earlier, the US venture capital firm Andreessen Horowitz <a href=\"https:\/\/forklog.com\/en\/news\/andreessen-horowitz-announces-expansion-into-the-united-kingdom\">announced<\/a> its expansion into the United Kingdom.<\/p>\n<p>The cryptocurrency exchange Binance also <a href=\"https:\/\/forklog.com\/en\/news\/ft-binance-says-it-aims-to-grow-its-business-in-the-united-kingdom\">expressed<\/a> interest in the UK jurisdiction.<\/p>\n<p>In June <span data-descr=\"Financial Conduct Authority\" class=\"old_tooltip\">FCA<\/span> <a href=\"https:\/\/forklog.com\/en\/news\/bitstamp-joins-uk-regulators-register\">added<\/a> the Bitstamp trading platform to the register of registered cryptocurrency companies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United States is lagging behind other countries in establishing a regulatory framework for digital assets, said David Marcus, head of Lightspark and former head of Meta&#8217;s blockchain division.<\/p>\n","protected":false},"author":1,"featured_media":80960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[790,36,810,26],"class_list":["post-80959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-david-marcus","tag-regulation","tag-united-kingdom","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=80959"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80959\/revisions"}],"predecessor-version":[{"id":80961,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80959\/revisions\/80961"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/80960"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=80959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=80959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=80959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}