Bitcoin's price has risen above $20,000 in the past couple of years and a recent report showed that the cryptocurrency has become more mainstream than gold, which was last months's hottest money. Fiat has a long history to maintain the status quo. If the US Government was willing to go this far, the rest of the world might well too. It is not a stretch to say, though, that the US will not be content to be left isolated in the age of Bitcoin and the blockchain.
Ford said the government should work with a committee of experts to define bitcoin, Crypto-economies are going to be the future of business... The fact that these jurisdictions don't have a clear regulatory framework for cryptocurrency has big ramifications for the crypto industry.If these jurisdictions don't adopt clear and coherent regulatory frameworks for blockchain, they are going to create a significant problem for the rest of the world, because it means that the global ecosystem doesn't have a true, robust, clear, interoperable, open standard across these jurisdictions.
According to the former Democratic congressman, the lack of regulatory clarity is already causing harm to innovation in the U.S., further noting that some other countries such as Belarus, Malta, Bahrain, and Gibraltar are already working on regulatory frameworks that are attractive to crypto and blockchain projects. Ford stated:
“The U.S. should not be losing the competitive edge on attracting this innovation’s best and brightest. The SEC now has the opportunity to take the lead on regulation that works with industry, not against it.”
There needs to be a global regulatory framework for cryptocurrency regulation, which he explains could be a platform through which governments can work together towards creating a common regulatory framework, an example like the European Union.