20th Parliamentary Intelligence-Security Forum – Digital Assets: Cryptocurrencies, Stablecoins and CBDCs
Vermont Attorney General T. J. Donovan focused primarily on law enforcement and consumer protection issues around this new technology. He remarked that technology can often outpace the law and regulators at the state and federal level need to find ways to protect consumers without stifling innovation that can benefit the consumer. General Donovan stated that just like FDR established the SEC in the early 30s, the USA must figure out how to deal with cryptos before it is too late.
General Donovan also remarked that it is important to educate legislators and regulators on cryptocurrency and consider thoughtful steps to implement regulation. The Attorney General also referenced how many questions crypto brings with it. For example, how does crypto affect the average citizen? How does law enforcement manage an entity that is all anonymous? How does law enforcement address scams? There are so many unknowns at play here, that law enforcement needs a playbook that works for everyone, and once authorities are on the same page, progress can be made.
The Attorney General concluded that States could use more resources to keep up with these developments and underscored the need for closer partnerships between state and federal government, as well as greater collaboration at the international level.
