Member of the American Bar Association: If the regulatory approach in the US encryption field deviates from the target, it will be counterproductive.

For the US regulatory status in the area of ​​encryption and blockchain, Michael Nonaka, a member of the American Bar Association and the Banking Law Committee, said: "The US Financial Crimes Enforcement Network first published guidelines for cryptocurrency companies in 2013, and thereafter on digital assets. Regulatory actions have been slow to develop, but in the past few years, as more and more federal and state agencies have seen unique opportunities and risks, regulatory goals have been re-emphasized. Develop sound regulations for digital assets Providing a stable regulatory framework without stifling innovation is a daunting task. Without a solid digital asset experience base, no federal or state agency should take over such a task. More and more People complain that the lack of regulation hinders the development of digital assets, but if the regulatory release is completely out of the target, this will be counterproductive. It is true that the US regulatory process is slow and prudent, which may be frustrating, but it has been reduced by conservative and Shocks and mistakes caused by inadequate information regulation."