Bitcoin News: There is a lot of rumor in Washington and even among Silicon Valley fintech companies about the need to regulate cryptocurrencies.
The mayor of one of America’s best-known cities has a message: “Too late.”
At the Ethereal Summit hosted by Decrypt, Miami Mayor Francis Suarez told the audience that the adoption was at a high enough level, and it would be very difficult for US lawmakers to impose significant restrictions on cryptocurrency businesses and users.
Using most of his tenure as Miami’s mayor to create a pro-cryptocurrency agenda, Suarez compared the situation to Uber, the ride-sharing service that threatened Miami’s current taxi industry in 2014.
Drivers hired in Miami-Dade County at the time needed a driver’s license that most Uber drivers didn’t have. Although there were regulations, there was no way to enforce them.
“There were too many Uber drivers on the street. For example, they came to Miami-Dade County and there were literally not enough police officers or law enforcement agencies / vehicles to regulate Uber drivers. We had to make a deal with Uber. ”
This deal was positive for Uber and its rival Lyft, requiring companies to obtain Transport Network Asset Licenses, but allowed the contract workforce to bypass many regulations faced by taxi drivers.
According to Suarez, Bitcoin and other cryptocurrencies will be treated more like traditional financial products, but as with Uber to taxi, the speed of innovation will give it some advantage when working with regulators working with legacy models.
Since the birth of Bitcoin in 2009, the US has been hesitant to provide clear cryptocurrency guidelines, especially as the changing nature of different tokens requires meeting the criteria of different government agencies such as the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission. A bill recently passed by the US House of Representatives will require the SEC and CFTC to form a working group to analyze US digital asset regulations.
But even if the US can clear its regulatory framework, city and state leaders are already working on their own regulatory and enforcement issues.