David Marcus: US Crypto Regulation is Disappointing
David Marcus, the head of Lightspark and former Meta blockchain division head, has recently expressed his thoughts on the US’ lag in the development of a regulatory framework for digital assets.
In a tweet, he was responding to Fred Ehrsam, co-founder of Coinbase and Paradigm, who had referred to the UK Judiciary Commission’s new regulations for the crypto market.
The document proposed forming a separate category of property for digital assets, assembling an industry expert group, and establishing a framework for collateral agreements through cryptocurrencies.
Marcus has spoken of his disappointment in the US government for lacking talent to upgrade the financial system and for being behind the rest of the world.
Simultaneously, John Cunliffe, Deputy Governor of the Bank of England, proposed regulating digital assets just like traditional finance.
He has noted the inability of decentralized protocols to effectively manage risks as well. Last December, he called for the development of a crypto regulatory framework because of the potential for “systemic problems.”
