Posted 2 months ago | by Catoshi Nakamoto

The former federal prosecutor turned into a venture capitalist Katie Haun who co-leads Andreessen Horowitz (a16z) stated that regulators really need to realize that we’re far beyond only financial use cases for digital assets. “There’s much more to crypto than that,” she said, adding, “Regulation cannot be one size fits all.” Haun further expressed that crypto is not the Wild West like SEC head Gary Gensler has said and the industry wants clarity, not a lack of rules of the road as regulators think.

AdobeStock 269951031 Former Federal Prosecutor: "There's Much More To Crypto Than Financial Use Cases"

Former Federal Prosecutor Talks Crypto Regulation

Earlier this week, Katie Haun spoke about digital assets and regulation during CNBC’s Delivering Alpha Conference.

Haun previously spent at least a decade as a federal prosecutor with her focus on fraud, and cybercrime working beside agencies like the Securities and Exchange Commission (SEC), Federal Bureau of Investigation (FBI), and U.S. Department Of Treasury. Haun also formed the government’s first cryptocurrency task force and led investigations into the Mt. Gox hack and helped to expose the corrupt agents on the Silk Road task force.

Haun explained that there’s “still such a focus on the financial applications of the crypto ecosystem.” While recognizing that “it makes sense” that regulators would only view digital assets with a financial use case. She said that regulators need to look past financial use cases as we are far beyond that now.

“Regulators really need to take stock of the fact that we’re beyond just financial use cases. There’s much more to crypto than that …,” Haun stated.

Haun referenced NFTs as one example of a non-financial product.

“Why should that be regulated as a financial product and service? We don’t think it should be,” said Haun. “Regulation cannot be one size fits all. We think regulation plays a really important role.”

Haun additionally made comments about Gary Gensler referencing crypto as the Wild West, stating: “There’s this myth that there’s the Wild West and that no agencies have any regulation that speaks to crypto. And that’s not the case.”

Haun further explained that the Treasury Department had previously released guidance for crypto companies in 2013. She noted that “a lot of innovators and responsible actors and companies in the space started following that guidance, although it was difficult to implement,” she admitted.

Haun likewise made it clear that the crypto industry is looking for clarity on regulation and that it’s not an anti-regulatory approach as narratives would have you believe.

“That is, actually, I can say a myth. It’s not that the industry does not want regulation. I always say it wants clarity. But it also does not want to be treated as a monolith,” she said.

Haun also commented about the recent crackdown in China stating the U.S. should do the exact opposite of the communist party when it comes to crypto.

“This is an opportunity for the United States, because we should be doing the exact opposite in my mind in this realm of what China is doing,” Haun said.

Haun predicted that China which just banned crypto ahead of its launch of its digital Yuan CBDC will “tie trade, tie loans, tie other assistance to the use of essentially their stablecoin.”

Bitcoin is currently trading at [FIAT: $48,153.61] DOWN -0.5% in the last 24 hours according to Coingecko at the time of this report.

About Catoshi Nakamoto

c6ea0c3794492f30883e516d39b2597a?s=90&d=blank&r=g Former Federal Prosecutor: "There's Much More To Crypto Than Financial Use Cases"Activist/Journalist, former writer - We Are Change, The Mind Unleashed, Coinivore, others. Currently writing for - Activist Post and Bitboy Crypto. Not Right or Left Apolitical. I Care About Truths (CATS.) Cryptocurrency enthusiast, I mined and lost 100+ BTC in 2010-2011. I work with - Bitboy, SoMee, CEEK, Presearch, and W3BT aka FMW Media Group. Friend of mostly everyone who isn't a dick. Just A Cool Cat.