Recently, a research report released by JPMorgan Chase once again highlighted the urgent need for U.S. lawmakers to develop a comprehensive cryptocurrency regulatory framework. This report reminds us that the SEC’s lawsuits against Binance and Huawei show that without a solid legal framework, cryptocurrency activity is likely to continue to flow to decentralized entities abroad.
JPMorgan emphasized that in order to regulate the cryptocurrency industry and clarify the responsibilities between the SEC and the Commodity Futures Trading Commission, lawmakers urgently need to develop a comprehensive framework.