The Call for Reform in Blockchain Regulation in the United States is Growing

Recently, some influential companies, associations, and individuals have expressed dissatisfaction with the current blockchain regulatory framework in the United States. They believe that the existing regulatory rules are no longer suitable for the new realities brought by blockchain technology and are calling for reforms.

Key points include:

• The existing securities laws do not apply to cryptocurrencies, and a new regulatory framework needs to be developed.
• The SEC should not overly expand its jurisdiction and should not classify all crypto assets as securities.
• A "non-harmful" regulatory approach should be adopted to avoid stifling innovation.
• Need to improve regulatory clarity and reduce uncertainty.
• New products such as cryptocurrency ETFs should be allowed to be listed.
• Entrepreneurs should be encouraged to innovate through token models.
• Regulatory agencies should engage more with the industry to understand new technologies.

Some important callers include:

• Venture capital firms such as A16Z
• Blockchain associations and other industry organizations
• Crypto companies like Circle, Kraken
• Members of the Congressional Blockchain Core Group
• SEC Commissioner Hester Pierce
• Wyoming and other regulation-friendly states

Overall, the industry hopes that regulators will reexamine the existing framework and develop new rules more suitable for Blockchain technology, protecting investors while not stifling innovation. However, the SEC still tends to regulate using existing laws, and this divergence may continue for some time.