In an ideal world, innovation precedes regulation. Initially, innovation is allowed to circumvent or avoid regulatory scrutiny. Then, regulation comes in to provide clarity, formalize rules or provide specific guidance that allows many parts of the technology to thrive. The internet was allowed to flourish during the mid-1990s when U.S. policy was driven by a strong White House special adviser, Ira Magaziner, who acted as the internet and e-commerce czar and dictated policy strategy after he deeply studied the topic. As a result, the U.S. became the undisputed early leader in this field.
The US Needs a Dedicated Crypto Regulator
