When the internet was being developed, an effort and initiative by the Clinton administration to ensure that the fledgling idea would not be overly regulated was put in place — the 1997 Framework for Global Electronic Commerce. The point: to ensure laws and regulation would not negatively impact innovation. Current CFTC Commissioner Chris Giancarlo recently (and rightly) called for such protection for digital currency. President Obama should heed the call.



To make matters more complicated, many regulations in the U.S. are actually state-level guidelines as they relate to what are termed "money transmitters." Without some proactive step(s), such as a self-regulatory organization (SRO) and/or word from on high by the president, the U.S. could lose out on what are potentially enormous economic benefits.

