Chris Perkins, President of crypto-focused VC CoinFund and adviser to the Commodities and Futures Trade Commission (CFTC), has published a regulatory white paper warning that the US is at risk of falling behind in cryptocurrency.

Perkins, a member of the CFTC’s Global Markets Advisory Committee, noted that the US is trapped in a reactionary wave of regulation following the collapse of the FTX exchange, while other jurisdictions are opening up to the opportunity and moving ahead, such as Hong Kong and the European Union's just-passed crypto assets regulatory framework.

The white paper offers 10 recommendations for policymakers, including the regulation of centralized intermediaries but not decentralized technology, and prioritizing sandboxes and safe harbor programs aligned with SEC Commissioner Hester Peirce’s proposals.