The Tuesday’s Senate hearing has had the topic of cryptocurrency regulations. During it, the chairmen of two top US market regulatory agencies has stated the importance of blockchain and its link to Bitcoin.
The hearing was held by the Senate Committee of Banking, Housing and Urban Affairs in the US. Aside from cryptocurrencies, it touched a lot of topics regarding blockchain technology, initial coin offerings (ICOs), trading platforms, exchanges and exchange-traded funds (ETFs). Basically, there was nothing that wasn’t mentioned at the conference.
Right from the start, there was some concern about the fact that crypto exchanges are currently regulated at state level rather than the federal. Clayton and Giancarlo expressed concerns about that and said that this may change in the future.
According to Jay Clayton who is the chairman of the Securities and Exchange Commission (SEC), ICOs were more important topic of discussion. He said that ICOs should not be classified as a security under federal regulations.
The chairman Christopher Giancarlo, on the other hand, has won the hearts of all the Bitcoin enthusiasts out there with a couple of comments directed to the community. In the beginning, he made it certain that Bitcoin is linked to blockchain and told the committee that “it is important to remember that if there is no Bitcoin, there would be no blockchain”.
After hearing him out, the Chairman Clayton stated:
“We may be back with our friends from the U.S. Treasury and the Fed to ask for additional legislation.”
The Swiss Legal Framework Can Handle Blockchain With Selective Adjustments
‘’Such challenges exist namely in the areas of trading tokens via central trading platforms and in the application of financial market law to decentralized financial market “infrastructures” … Hence, it seems more expedient to address the challenges in financial market infrastructure law that are specific to blockchain/DLT applications by means of specific amendments (instead of a regulatory carve-out).’’The governing body proposed other adjustments in insolvency law calling for segregation of cryptocurrencies and digital assets saying that it is ‘’necessary to provide for unambiguous rules regarding the segregation of crypto-based assets from the bankrupt’s estate by analogy to the owner’s right to segregation under current law.’’ Other areas where adjustments were proposed include the anti-money laundering law were trading platforms should be more subjected to the country’s Anti-money Laundering Act.
Total Of 113 Sites On The Belgium’s Financial Services Watchdog Blacklist
“The principle remains the same: they offer you an investment they claim is secure, easy and very lucrative [...] They claim to have specialists who will manage your investments for you. You are told that your funds can be withdrawn at any time [...] In the end, the result is always the same: the victims find themselves unable to recover their money!”According to the agency, the updated list is still not comprehensive and was created due to the victims’ reports. The public was warned for about the doubts and other suspect crypto-related entities that were operating unlawfully in Belgium. The FSMA advises the crypto users to consult before investing so they can better understand the nature of the crypto funds. The agency even included 28 fraudulent sites back in September. Belgium’s watchdog is a member of the global regulators and government agencies that are trying to protect the investors by providing them with a quality education. Back in May, a government conducted a study in China detected more than 400 fake cryptocurrencies. Also, in the early spring, the United States Securities and Exchange Commission created a website that offered fake ICO services that lured visitors because of easy opportunity. The mock website had a hyperlink that led the people who checked out the website to an educational-oriented page.
Italian Regulator Suspends Two Crypto Projects For Alleged Fraudulent Investment Schemes
Hong Kong SFC To Intensify Crypto Laws On Traders And Exchanges
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