Opinion: US regulators are too fragmented, too singular, and too slow to respond to the rapid development of new cryptocurrency technologies

On August 5th, Carol Goforth, a professor of law at the University of Arkansas and a former law professor at the Arkansas Law Foundation, said that the US regulators are scattered in too many different institutions. They all have their own mission and interests to maintain. More than just FinCEN, SEC, CFTC, and IRS, others are involved in how to classify and process cryptographic assets, and there are 50 state governments to consider. In the process of rushing to maintain authority, many of them are over-regulated based on what they think they understand. So we have been thinking about cryptocurrencies, as if all cryptocurrencies are of the same interest and can be managed by each organization. The US Congress cannot solve this problem because Congress is busy dividing by party. The states cannot solve this problem because they simply don't agree how to solve the myriad problems that cryptographic assets really bring. Our regulatory programs are scattered across too many different institutions and sectors, often in too singular ways to react too slowly to rapidly evolving new technologies.