Bowers On … is a new monthly column by Mark Powers, who spent most of his 40-year legal career working on the complex issues of US securities after a period with the SEC. He is currently an Associate Professor at Florida International University School of Law, where he teaches Blockchain, Cryptography and Regulatory Aspects.

Dear Readers! Here’s my first point of view on Cointelegraph since I retired a month before practicing in a law firm (and before that in the SEC) after 40 years in the business. This is a great opportunity for me and I hope you find it interesting. The shackles of politically correct and business communication are now lifted, and I no longer need to “evacuate in advance” or worry about the possibility that my words offend my organizers, politicians, colleagues or clients from my law firm.

You will hear my personal and objective opinions (for the most part), in which there will be no significant controversy. Please do nothing for this work. I only strive to read and possibly stimulate dialogue in order to influence the actions of others – whether regulators, corporations or legislators – to promote and implement blockchain technology, utilities for businesses, non-banking and non-banking populations, and the safety and responsible regulation of cryptocurrencies. …

In my first column, I compared the United States to the rest of the world in its assimilation, acceptance, and adoption of blockchain, bitcoin, and other cryptocurrencies.

I start with this important topic because it worries me that the United States, its institutions and regulators, through actions and inaction, knowingly or otherwise, undermine the development, use and availability of digital assets for the people of this country. And this can happen at the expense of all of us.

These measures usually include anti-congressional hearings on blockchain and Facebook-born Diem Libra; Plus SEC enforcement measures that still target ICOs for 2017 and 2018; The FinCEN rules were proposed a week before Christmas with the aim of requiring regulated financial institutions and MSBs to disclose almost all cryptocurrency transactions and information about the institution’s customers and counterparties using digital wallets that are not hosted.

The only bright spots were the thoughtful letters and speeches of SEC Commissioner Hester Pierce and the actions of acting foreign exchange controller Brian Brooks to allow financial institutions to preserve digital assets and use blockchains in financial transactions.

Most US policymakers and regulators do not realize that while we are holding back the development of blockchain and the use of cryptocurrencies to create capital, other countries and jurisdictions want and accept it. If it does not adapt, the United States will face a real risk of other countries being “occupied” by this new technology, some of which may be rivals and competitors.

China has projects for digital currency and electronic payments of the People’s Bank of China. This experimental model, which uses digital currency and wallets issued by the Bank of China, processed more than three million transactions totaling over $ 160 million as of November last year.

In Switzerland, not only is the state encouraging blockchain adoption, but the city of Zug has also implemented blockchain for both government and residential use.

In Sweden and Georgia, land registries are maintained on the blockchain.

Capital growth is the lifeblood of many developers, entrepreneurs, and blockchain companies. This is essential for the health and expansion of blockchain companies and their communities. The selection mechanism is often a numeric symbol. However, many US politicians and regulators have a short-term and regional perspective that supports the idea that everything that happens in blockchain transactions should be accepted or controlled by US political views.

But you know what? As many regular readers of this post or investors in bitcoin and other cryptocurrencies know, financial transactions take place all over the world via the Internet and many blockchains every day without government oversight or approval. Immune to the Securities and Exchange Commission, the Commodity Futures Trading Commission, FinCEN and the US Federal Reserve, no matter what Congress says or wants. These currencies represent living things and companies that live outside of these shores.

At the time of writing, CoinMarketCap lists thousands of cryptocurrencies on the platform. These tokens are traded on dozens of exchanges, many of which are not registered or regulated in the US. In the meantime, the US stock markets are traded mainly from 9:30 to 16:00. EST from Monday to Friday, tokens never stop trading. They don’t know the difference between weekdays and weekends.

Source: CoinTelegraph

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