Mick Mulvaney, acting Director of the Bureau for the protection of the rights of consumers in the United States, said that the government must find a perfect balance in the regulation of cryptocurrency markets.
Speaking at the Fintech conference Future, ongoing research and analysis firm CB Insights, Mulvaney, who also heads the Office of management and budget, spoke about their positive attitude towards cryptocurrencies and blockchain technology, but noted that its conservative views on taxation.
He said that the regulation of the new market is an important component of investor protection, but the government should not prevent potential investors and those involved in the development of the market, through the creation of onerous laws or regulations.
At an early stage bitcoin, like any emerging market needs in perfect balance… to such precedents as Mt. Gox is not repeated and would not destroy the market completely. But at the same time we don’t want to regulate the market and thus discourage innovation and new investors. This will have extremely negative consequences.
We’re just in search of that perfect balance.
Mulvaney believes that:
This is a new and innovative technology, this non-Bank system. But if people will not be able to access their money is the problem. This should be regulated by law.
Now the main objective of the efforts Mulvaney is to:
To avoid relationships to innovative projects and technologies through the prism of traditional Finance, which often makes the whole situation absurd. This absurdity, or rather of the occurrence of such situations we should avoid.