Mick Mulvaney, Trump's appointed head of the Office of Management and Budget, who has been dubbed the bitcoin congressman, believes that the administration must find a balance between protecting investors and regulating the crypto environment.
Mick Mulvaney, acting Director of the Department of Consumer Protection, head of the US Office of Management and Budget and a supporter of cryptocurrencies, speaking at the “Future of Fintech” conference, which is currently taking place in New York, said that the US government must find a “middle ground” in exercising control over the cryptocurrency ecosystem. Mulvaney believes that regulation is important to protect investors, but the government should not prevent potential investors or developers from entering the market by enforcing onerous laws and regulations.“With regard to bitcoin, we have long understood that, as with any developing financial technology, we need to find a middle ground. If the case Mt. Goxbecoming commonplace would severely undermine trust in markets and discourage innovation. If we over-regulate everything and discourage the desire to enter the market, this will also have its negative consequences,” Mulvaney said.
In addition, Mulvaney noted that until new regulation is developed, authorities must ensure that the application of existing laws does not lead to to undesirable consequences.
According to https://www.coindesk.com
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