The cryptocurrency industry should consider forming a self-regulatory organisation, it has been suggested, in preparation for congressional action in the future.
Speaking to CoinDesk at the Yahoo Finance cryptocurrency event in New York, member of the Commodity Future and Trading Commission Brian Quintenz spoke about the need for the industry to take action while it waits for Congress to become involved.
“We don’t want to be saying no to innovators, or to advancing technology,” he said.
The idea that the cryptocurrency ‘revolution’ would occur within regulatory guidelines was also discussed, with Ripple CEO Brad Garlinghouse adding:
“I don’t think the US dollar’s going away in my lifetime. I don’t think the US gverment’s going away in my lifetime. The revolution isn’t happening outside the system. The revolution’s going to happen inside the system.”