White House Not Even Close to Regulating Bitcoin Yet

Rob Joyce — the Trump administration’s top cybersecurity coordinator — declared at the Munich Security Conference that the U.S. government doesn’t have any intention of regulating bitcoin anytime soon. Joyce noted the need for officials to continue studying the fledgling space of cryptocurrencies before regulators could fairly consider how to proceed. Why are they taking this regulation so slowly considering the increasing number of crime acts related to cryptocurrency? 

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It seems like they think that there's no need to worry although there's an increasing number of criminal activities lately regarding cryprocurrency. 

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(edited)

Well the Unites States are not the only one without bitcoin regulations. Some European countries such as Germany and France are working on bringing their own regulatory structure, South Korea is still just talking about it. This technology is something new that has to be studied and more time is needed for regulations. 

Edited by Vlad Kovalenko

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Well they will have to hurry up a little bit with these regulations especially knowing that this technology could be used in drug trafficking, money laundering and terrorism. Even lawmakers in the EU called for some control over digital asset. 

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I think they have much more important issues regarding security to deal with. School shootings are number one right now. That's something that need to be done right away. 

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Well, clearly it needs to be regulated, but no need to do it haphazardly or go too far and become a regulation nation. Laws ALWAYS lag behind technology. Writing laws is a slow process, particularly in uncharted territory. Laws are written using a bad faith point of view instead of a good faith--this is a tedious process. Laws are almost always reactive, not proactive, as they should be. In the meantime, yes, some criminality takes place.  

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A major draw to cryptocurrency is its place in the shadow economy.  Although there may need to be more study to develop overall regulations, in the meantime why not require exchanges to track transactions, and make it a felony to fail to report trades on tax returns.  

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