Partner of Meifu Law Firm: US encryption field regulation is limited by digital asset class and policy cycle

For the US regulatory status in the area of ​​encryption and blockchain, Dario de Martino, a partner in the corporate division of Morrison & Foerster, said: “Regulators often face a series of similar key challenges when introducing new technologies: How to best protect consumers while promoting innovation, promoting competition, implementing legacy regulations, and resisting over-regulation. Regarding the blockchain, policymakers have been reluctant to impose specific regulations on various barriers. The digital assets supported by blockchain are not a homogeneous asset class, they may have securities, commodities, currency unit characteristics, or a combination of both, and affect cross-border markets. In the United States, regulators There is overlap in jurisdiction in this area, and secondly, although standard policy cycles often take years, emerging companies often develop disruptive technologies with global influence in just a few months. History tells us that Too fast regulation is as bad as slow regulation. Despite these challenges, the United States Policy makers are calling for action and show a strong effort to make contact with the block chain participants in the field, which is a key step toward meaningful regulatory and guidance towards. "