Chris Perkins of the crypto-focused VC CoinFund, who is also an advisor to the Commodities and Futures Trade Commission, has published a white paper on regulatory issues and warned the U.S. that it could fall behind in the cryptocurrency market.

Perkins, a CFTC member and member of its Global Markets Advisory Committee, stated that the U.S. was caught in a wave of reactionary regulation after the collapse of FTX. Other jurisdictions, however, are now taking advantage of this opportunity. He noted Hong Kong’s reopening to crypto as well as MiCA the European Union’s recently passed crypto assets regulatory framework.

Perkins said in an interview that other countries have begun to see the potential and are taking action. He continued, “CoinFund has just sent a Hong Kong-based team.” It’s a buzz right now. Hong Kong’s government officials are attending conferences to encourage adoption as the city reopens. MiCA is here and the U.K. has sprung into action. They are acknowledging the Europeans’ progress on MiCA.”

The whitepaper offers 10 recommendations to policymakers, including a call for regulation of centralized intermediaries, but not decentralized technologies, and a priority on sandboxes, safe harbor programs, aligned with Commissioner Hester Peirce ‘s suggestions .

Stephen Alpher edited the book.