As tensions mount between US financial institutions and the cryptocurrency industry, an internal voice at the SEC warns of the risks of poorly calibrated regulation, comparable to an unstable game of Jenga.
Regulatory approach criticized
- Rules shifted from one sector to another: The current strategy is to apply laws designed for traditional financial markets to the crypto universe. This creates a legal imbalance, without always taking into account the sector's technological and economic specificities.
- Fragmented and inconsistent decisions: Each new SEC action seems to pile up without any real coordination. According to some observers, this accumulation of disparate decisions could collapse the regulatory structure, rather than strengthen it.
Calls for more structured reform
- Tailored regulation expected: Voices are calling for a specific legal framework for cryptocurrencies, adapted to their decentralized operation. The objective: to protect consumers while fostering innovation.
- The Need for Interagency Consensus: To avoid contradictions, several market players are calling for better coordination between US authorities: SEC, CFTC, Treasury, etc. A joint effort would ensure consistent regulation.
Opportunities and Risks
Opportunities:
- Creating a Stable Regulatory Ecosystem: A well-thought-out reform would provide lasting visibility for companies.
- Strengthening Investor Confidence: A clear framework can attract institutional capital.
Risks:
- Stifling Innovation: Excessive or ill-adapted regulation could hamper the sector's growth.
- Exit of Companies Abroad: A hostile environment could push major players to migrate to more favorable jurisdictions.
Conclusion
The regulation of the crypto sector in the United States is a tightrope walk. Without an overall vision, every decision risks weakening the regulatory framework. To avoid collapse, a balance between legal rigor and technological flexibility is essential.
