### The cryptocurrency industry has been vocal in advocating for a more "nuanced" approach to the United Kingdom's regulatory framework. In February, UK regulators released their initial cryptocurrency legislation, which indicated their intention to subject cryptocurrency exchanges to the same regulations as banks. However, industry leaders are cautioning against replicating the recent crackdown on digital assets witnessed in the United States.

One prominent supporter of the UK's regulatory plan is a16z's policy lead, Brian Quintenz. He expressed full support for the UK's initiative to develop a focused, proportional regulatory system that is flexible and responsive. Quintenz emphasized the importance of collaboration with the Treasury to establish "world-class rules" that protect consumers while fostering innovation.



Polygon Labs, another major player in the crypto industry, also voiced its support for the UK's regulatory efforts. The Chief Policy Officer, Rebecca Rettig, expressed encouragement in witnessing the steps taken by the UK to regulate the industry. Polygon Labs proposes a novel strategy for digital currencies, without a dedicated development staff or a reliable value benchmark.



Coinbase CEO, Brian Armstrong, commended the cautious approach the UK has adopted in crafting crypto legislation. Armstrong praised the UK's efforts in fostering economic growth and safeguarding consumers, while Coinbase continues to explore international expansion options.



In conclusion, the crypto industry is urging UK regulators to avoid replicating the US' crackdown on the digital asset space. The industry leaders emphasize the need for a regulatory framework that strikes a balance between consumer protection and fostering innovation. With the support of major crypto firms, the UK has the opportunity to develop a regulatory system that sets an example for the global digital asset industry.

The cryptocurrency industry has been vocal in advocating for a more "nuanced" approach to the United Kingdom's regulatory framework. In February, UK regulators released their initial cryptocurrency legislation, which indicated their intention to subject cryptocurrency exchanges to the same regulations as banks. However, industry leaders are cautioning against replicating the recent crackdown on digital assets witnessed in the United States.

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Sat May 27 2023 Crypto Industry Pleads To UK: Don't Echo US Crackdowns, Champion Innovation Instead!

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

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Sat May 27 2023

Crypto Industry Pleads To UK: Don't Echo US Crackdowns, Champion Innovation Instead!