It's Saturday, June 24th, 2023, and this is Markets Daily from CoinDesk.

I'm Adam B. Levine, here again with your weekend story.

On today, we're taking a look at how one of Crypto's premier surveillance companies thinks

Washington is doing regulation wrong.

And just a reminder, CoinDesk is a new source and does not provide

investment advice. Today's featured story is an opinion piece from Caroline Malcolm, who is the

vice president for global public policy at Chainalysis. Our piece today is entitled,

U.S. crypto policy needs to accomplish these three things is entitled, U.S. Crypto Policy needs to accomplish these three

things. In the U.S., the claim that crypto faces regulation by enforcement is giving way to a growing

and real threat of ban by enforcement, all at the cost of protecting American consumers and markets.

The overwhelming majority of digital asset players want to be compliant and safe for consumers.

However, to do just that, they need clear regulatory guidelines that take into account the

specifics of the underlying technology and offer the certainty needed for future investment.

Enforcement actions, in the absence of a comprehensive regulatory framework and adequate guidance,

do not accomplish this, nor do they

protect consumers. The goalposts move with each enforcement action, and oftentimes remain relatively

unclear due to settlements with outcomes that never see the light of day. Meanwhile, our data at

chain analysis shows consumers continue to enter the market, and thus the importance of making

progress on true regulatory and legislative reform.

U.S.-based firms are increasingly debating whether they should relocate to other jurisdictions,

where clear regulatory guidelines exist.

This harms U.S. consumers by limiting the market options available to them, and also by potentially

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