2019 saw regulators around the world paying serious attention to cryptocurrencies and its regulation. Even though many countries are still skeptical about digital assets, some have embraced crypto, along with blockchain. Even the U.S. has long been dealing with cryptocurrencies and its regulations and according to Perianne Boring, President of the Chamber of Digital Commerce, 2020 has already been a “remarkable year” in crypto-time.
The president of the blockchain trade association, a guest on the latest edition of the Off the Chain podcast with Anthony Pompliano, noted that the association has been working with agencies like the U.S. Securities and Exchange Commission by filling them in about cryptocurrencies and the understanding gap that exists, along with FinCen. According to Boring, crypto’s growth has accelerated over time, so it would be better for the government to “help shape that process than for it to be shaped around you.”
Shifting focus to Washington D.C, Boring claimed that she is appalled by the arguments around Anti-Money Laundering and terrorist financing brought by the Treasury Secretary, in a speech from the White House. Boring said,
“If that is what you are really concerned about, you should be so excited about Bitcoin because it is a radically transparent system and if your job is to follow the money, we have actually given you the best tool, ever possible to do that. So that kind of pushback is really weird.”
With AML and terrorism financing being the main and genuine concern, she said that tracking money could be the “big step up” for law enforcement agencies as the ledger can be viewed publically by anyone. Boring added that “AML as a risk for cryptocurrencies is not a legitimate reason to not embrace this technology.” However, there are tools available to address this concern and will require law enforcement agencies to learn them, she went on to state.