Crypto Assets Require Better Regulation
We signatories to this statement believe that regulators should take a more proactive approach to the oversight and regulation of crypto asset markets. In cryptocurrencies, the lack of investor protection in trading markets has led to abusive practices that negate the potential benefits of these innovations. The current response has been ad hoc at best. We recommend that financial regulators develop a coordinated international regulatory response to ensure that illegal and manipulative activity simply does not move across jurisdictional borders. As the potential implementation of blockchain technology moves outside of the cryptocurrency space and into financial services more generally, regulators must better understand the potential implications of this technology to transform financial markets.
