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This Crypto Venture Giant Responds To Proposed Regulation In The U.K.

Press Releases Crypto News Bitcoinist This Crypto Venture Giant Responds To Proposed Regulation In The U.K.

Brian Quintenz, Head of Policy for crypto venture firm a16, posted a reply to the United Kingdom Treasury’s consultation on their new regulatory framework. The financial watchdog opened this process last week after announcing their “Future Financial Services Regulatory Regime for Cryptoassets.”

As Bitcoinist reported last week, the U.K. Treasury and the Financial Conduct Authority (FCA) want to launch a “robust” crypto regulatory framework. In that sense, the regulators seek input from key industry players on the proposal to “ensure the right regulatory regime.”

ETH’s price with minor losses on the daily chart. Source: ETHUSDT Tradingview

U.K. Wants To Overhaul Crypto Regulation

In their response to the consultation process, a16z and its Head of Policy applauded the initiative and the U.K. effort to listen to the nascent industry. In the U.S. and other major economies, the approach has been controversial and opposite to the consultation and talks approach adopted by the U.K.

The U.S. Securities and Exchange Commission (SEC) has been taking legal actions against the crypto industry and a series of measures dubbed “regulation by enforcement.” The SEC has targeted big players, such as crypto exchanges Coinbase and Kraken.

Thus, many are thinking about moving their operations abroad, and the U.S. might become the hub that will support this transition. Quintenz, formerly a Commissioner at the U.S. Commodity Futures Trading Commission (CFTC), stated the following about the consultation process:

The UK’s suggested approach looks to ensure similar regulatory outcomes for crypto and doesn’t assume that superficially related activities automatically create the same legacy financial risks and require the exact same regulatory rules.

In addition, Quintenz praised the U.K.’s understanding of the crypto

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Author: Reynaldo Marquez

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