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Carole House, the former cybersecurity director of the White House, made various statements about blockchain technology and cryptocurrencies during a panel she attended on Tuesday. House expressed concerns that adopting a strict approach to crypto regulations in the US could harm blockchain innovation.
Statements from Former White House Official
During the panel, Carole House, the former cybersecurity director of the White House, discussed blockchain technology and cryptocurrency regulations. She highlighted the significant potential of blockchain technology in areas such as identity verification and supply chain transparency. However, House pointed out that fraud cases in the crypto industry have created a false perception that blockchain technology, which forms the foundation of the crypto ecosystem, is flawed.
Carole House, the former cybersecurity director of the White House, stated that the US government is working to increase competition in the blockchain ecosystem. She clarified that regulatory institutions like the SEC, under Gensler’s leadership, are not aiming to restrict the sector as believed. House also warned that adopting a strict approach to crypto regulations could have a negative impact on the development of blockchain technology.
Regulatory Uncertainty Continues in the US
In early June, the US Securities and Exchange Commission (SEC) filed lawsuits against cryptocurrency exchanges Binance and Coinbase, leading to increased tension between crypto companies and regulatory bodies. The recent actions taken by the SEC have received various reactions from individuals within the crypto ecosystem.
Although Coinbase’s CEO Brian Armstrong later backtracked on his statements, he previously mentioned the possibility of relocating the company’s headquarters from the US to another country. Many individuals within the crypto ecosystem highlighted the lack of a comprehensive regulatory framework in the US and the challenges faced by crypto companies in continuing their operations.
While several cryptocurrency-related bills have been proposed in recent times, the United States has yet to establish a clear regulatory framework for cryptocurrencies. Numerous US senators are working on various bills to make progress in crypto regulations.
