Don’t bother running from regulation, said an influential agency director at a key government hearing on Monday 18th November – because in the long term, there’s nowhere to hide.
FinCEN director Jennifer Shasky Calvery warned virtual currency companies against fleeing US shores in the hope of more lenient regulatory frameworks elsewhere.
“If business is going to leave the United States based on perceived or actual regulatory burden, I always believe that they’re going to find that gain short-lived,” she said.
Calvery was responding to a question from Senator Tom Carper, chair of the Senate Homeland Security and Government Affairs Committee Hearing on Virtual Currency. He asked her about the danger of US companies leaving the US, and taking jobs and revenue with them, because of strict regulatory guidelines in the US.