Elliptic Advisor: If U.S. regulators impose excessive regulatory resistance on cryptocurrencies, they will lose to China

Liat Shetret, a senior adviser to the blockchain analysis company Elliptic and a cryptocurrency compliance analyst, said at a hearing hosted by the U.S. House of Representatives, "China is at a very advanced stage in the development of digital currencies. Such emerging blockchain applications generate too much resistance, and the United States may lose its innovation advantage. " She also acknowledged that the risks associated with privacy digital currencies are increasing, and privacy tokens have been added as payment options for most dark webs, but she only suggested that the US Congress issue guidance on the regulation of privacy digital currencies, and The cost of "currency ban" is too high. She also cited successful US attempts to prevent the use of cryptocurrencies in crime through a legal framework alone, and suggested that US regulators use existing financial and digital cash regulations to apply them to the cryptocurrency space.