The SEC (Securities and Exchange Commission)
The SEC considers crypto as securities and since it is its job to regulate securities it is exactly what they do. The sec issued an opinion on digital assets saying that ICOs can also be considered as securities and this is why they will also be a subject to strict regulations. ICOs are the primary focus for the agency and they even issued subpoenas to shut down unregistered securities. The agency will pursue those who will try to evade regulation.
CFTC (Commodity Futures Trading Commission)
The CFTC is a regulatory body that claims that tokens are commodities and it is the agency’s job to control commodity derivatives. The agency considers cryptocurrencies such as Bitcoin to be closer to gold than to fiat currencies because it is not backed up by any government. The CFTC shows some pro-Bitcoin sings because it granted LedgerX a right to create a regulated bitcoin futures market. This agency has a close collaboration with the SEC and both agree to give credit to the cryptocurrency industry because they believe that they help create a new financial system and they also made clear that it is extremely important to create a fair regulatory framework. This agency shows interest in helping blockchain technology to grow and develop even further.
FinCen (Financial Crime Enforcement Network)
The FinCen is a bureau under the Treasury Department that has open hands for Anti-Money Laundering issues and considers crypto tokens as money. They believe that ICO sales should belong under money transmitter rules and this is why they should be registered within the government. They applied for ICO regulations in March this year saying that more than 100 crypto exchanges are now registered with the FinCen.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]