U.S. Prepares to Divide Cryptocurrency Industry Into Two Regulatory Domains
Bitcoin Global News (BGN)
March 26, 2018 -- ADVFN Crypto NewsWire -- Congress is in the
process of deciding which types of new legislation are required to
augment regulator authority concerning, firstly, ICO capital
formation and, secondly, cryptocurrency capital markets. A dividing
line is being established between ICOs and digital commodities
because the risks of public harm in each are different.
On the one hand, ICOs seem to require heavy-handed regulation.
They are looked at by legislators and regulators as either
incompetently-managed high-risk ventures offering little likelihood
of the creation of a public good or, worse, outright scams designed
to defraud investors.
On the other hand, established open source blockchain ventures
that have created a system of peer-to-peer transfer of secure,
scarce assets, like bitcoin and ether, are viewed as likely to
create a public good. Those ventures may require only light-handed
regulation that allows innovation to flower.
Chairpersons for both the SEC (Securities and Exchange
Commission) and the CFTC (Commodity Futures Trading Commission)
testified recently before committees in the U.S. Senate and the
U.S. House of Representative exclusively on the subject of
regulating cryptocurrencies from the standpoint of protecting
investors while enabling American innovation and competitiveness.
All previous hearings included a lot of talk about how to regulate
cryptocurrencies with regard to money laundering and terrorist
financing. This time, in what’s seen as a watershed moment for the
cryptocurrency industry, two agency heads testified on both sides
of the Capitol building about how to protect investors without
stalling innovation.
The hearings seem to point to a future where strict regulation
of token sales will be the SEC’s domain, while the CFTC will handle
tokens once they are on an open blockchain and working in the real
world. The CFTC will, for example, subpoena exchanges for records
to police evidence of market manipulation or fraud at the spot
market level.
By: BGN Editorial Staff
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