Former U.S. Treasury Secretary: Reasonable Regulation as Beneficial for Digital Asset Industry

Former U.S. Treasury Secretary Lawrence Summers sees reasonable regulation as beneficial for the digital asset industry. "Regulation often is resisted by industry, but it often eventually becomes a substantial enabler for industry," Summers told an audience at Circle’s Converge22 conference in San Francisco. He added that crypto firms seeking lighter regulation in the U.S. should be careful what they wish for. But Summers, who has advised fintech firms including crypto investment firm Digital Currency Group (DCG), said that he hopes regulators don’t quash digital assets. "We are better off recognizing a more variable ecology and is regulated in different ways," he said.