Policymakers must think outside of currently accepted norms to understand crypto
US policymakers face challenges in regulating emerging technologies like blockchain and AI. Current regulations are criticized for overlooking the complexities of these technologies. Proposed legislation, such as the Digital Asset Innovation Act and the Digital Asset Anti-Money Laundering Act of 2022, aims to address concerns but is seen as forcing blockchain into existing regulatory frameworks. The "regulation-through-enforcement" approach, exemplified by SEC actions against Ripple Labs, is deemed flawed and stifling innovation. Policymakers are urged to proactively engage with industry leaders and consumers to create effective regulations. Bridging the knowledge gap between policymakers and the crypto community is essential for informed policymaking and fostering innovation while ensuring security.
