Fifteen members of the Congress are in the crypto news around regulation recently, after signing a letter and asking the Securities and Exchange Commission (SEC) and its Chairman, Jay Clayton, to clarify the guidelines that the agency uses to determine whether cryptocurrency assets are securities under the federal law.
The letter has already been signed by 15 lawmakers across the political spectrum. In it, the members are asking Chairman Clayton what precisely makes an ICO token or a security – and how he is planning to address the concerns that the SEC’s failure to list definitive guidance is leading many startups out of the country.
“Current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately drive business elsewhere.”
Later in the letter, the legislators also question the SEC’s decision to use enforcement actions and clarify policy on cryptoassets.
“We believe that the SEC could do more to clarify its position. Additionally, we are concerned about the use of enforcement actions alone to clarify policy and believe that formal guidance may be an appropriate approach to clearing up legal uncertainties which are causing the environment for the development of innovative technologies in the United States to be unnecessarily fraught.”
The lawmakers also asked Clayton to answer three specific questions related to the legal status of ICO tokens and other cryptocurrency assets.
The publication of the letter comes days after Representative Warren Davidson – who is one of the co-signers of the latter – hosted an ICO summit on Capitol Hill in which the representatives from the cryptocurrency and mainstream financial industries asked the Congress to provide a clear regulatory framework for blockchain innovation.
You can read the full letter by clicking on this link.
Crypto Law Consultation Period Officially Started By The Swiss Federal Council
Mexico: New Crypto Regulations Could Shake The Country’s Exchanges
"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
The Swiss Federal Assembly Approved A Motion For Crypto Regulation
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“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case.” “I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”Another commenter named D. Darnwell sent a letter in which he wrote:
“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and draw-downs it entails.” “Decline this ETP without hesitation.”However, one Bitcoin ETF proponent named Sami Santos was confident, stating:
“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins). VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”To remind you, the September (2018) Bitcoin ETF application for VanEck SolidX Bitcoin Trust received more than 1,400 comment letters - of which 99% were positive. However, because of the crypto winter, this enthusiasm has dwindled. Currently, no one knows if this Bitcoin ETF will be withdrawn. If that's the case, the 240-day deadline clock will reset itself and be set once a new filing is submitted.
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