Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Submit PR
  • Advertisement
CLOSE

Regulation

SEC’s ‘ICO Guide’ With A Gloomy Outlook For Cryptocurrency In 2019

Published

on

SEC

The Securities and Exchange Commission (SEC) is in the crypto news today after tweeting out the guidelines for the people launching and investing in ICOs. Named the ‘ICO Guide’ – SEC’s paper comes a little too late of the cryptocurrency boom market. However, the document still focuses on Bitcoin, altcoins and cryptocurrencies, mimicking a gloomy outlook with at least one possible violation of the First Amendment on the part of the SEC.

According to the SEC, a security is:

“A token or offering that promotes the likelihood for future returns based on the entrepreneurship or efforts of others.”

That said, it is no surprise that some prominent crypto executives have already begun declaring themselves as part of a “protocol” rather than a company over the recent months. One of them is Tron’s Justin Sun who recently said:

“We can see that Tron is also more like a protocol rather than a company. I think that’s also introduced like a brand new concept of the protocol rather than a company institution or profit or entity.”

Sun also took the opportunity to promote his own projects, TRON and BitTorrent.

According to the SEC, however, a crypto exchange would be in violation of securities laws even if it unknowingly facilitates the trade of security coins and tokens.

“If a platform offers trading of digital assets that are securities and operates as an “exchange,” as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration,” an excerpt from the document reads.

As SEC also noted, it doesn’t matter whether an exchange is centralized, proprietary or decentralized and autonomous – what matters is that unregistered buying and selling happens here.

“The activity that actually occurs between the buyers and sellers—and not the kind of technology or the terminology used by the entity operating or promoting the system—determines whether the system operates as a marketplace and meets the criteria of an exchange under Rule 3b-16(a).”

Share This With Your Friends
Continue Reading
Comments

Regulation

IRS Crypto Tax Guidance Is Coming Soon: Official News

Published

on

By

The US Internal Revenue Service (IRS) is in the latest cryptocurrency news for a new document which shows that it is working on its first tax guidance for cryptocurrency since 2014. The IRS crypto tax guidance came from an agency's commissioner who told a lawmaker about the news on Monday. In a reply to Representative Tom Emmer's request for further guidance on reporting cryptocurrencies, the IRS Commissioner Charles P. Rettig outlined a plan for an in-depth IRS crypto tax guidance which will come in the near future.
“I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance,” Rettig wrote in a statement which went viral in the altcoin news.
According to his statement, the organization is working on the concept of IRS crypto tax guidance for “acceptable methods for calculating cost basis, acceptable methods of cost basis assignment, and the tax treatment of forks” according to the letter. The guidance and other issues will be published "soon" as Rettig wrote - a statement which was shared on many best cryptocurrency news sites.
“I am glad to hear of the IRS’ plans to issue guidance on this important issue,” the Representative Emmer said in a statement after receiving Rettig’s reply on the IRS crypto tax guidance plans. “Taxpayers deserve clarity on several basic questions regarding federal taxation of these emerging exchanges of value. I look forward to seeing their forthcoming proposal, and working together to serve the American taxpayers.”
His original request and letter-written statement, however, called for the IRS to “issue more robust guidance clarifying taxpayers’ obligations when using virtual currencies” with a deadline of May 15, 2019. He also emphasised that the IRS crypto tax guidance needs to see virtual currency and "treat it as property so that existing tax principles are applied to it just like they are applicable to property transactions." He accented digital currencies as a medium of exchange and a subject to which investments increase and "continue to develop." In the end, Rep. Emmer said that he hopes the information is helpful, inviting the readers to contact him if they have any additional questions or requests.
`
Continue Reading

Regulation

SEC Postpones VanEck ETF Application Verdict – Again

Published

on

By

sec postpones vaneck
The United States Securities and Exchange Commission (SEC) is in the latest cryptocurrency news for delaying the decision on the VanEck Bitcoin exchange-traded fund (ETF) proposal. The fact that SEC postpones VanEck and its application again has raised many eyebrows in the industry - especially after it was officially published in a filing on May 20. In addition to this, the SEC has added a 35 day period to gather more information and opinions on this proposal which was first filed by the Chicago Board Options Exchange. The news that SEC postpones VanEck has been picked up by many best cryptocurrency news sites. As a reminder, in January CBOE withdrew its request to change the rules when the US government shutdown decreased the operational abilities of SEC - but then reapplied on January 31 after the government shutdown was resolved. Today's filing shows that SEC postpones VanEck and lists 14 questions open to the public about the proposal - with a main intent of using the answers and arguments that were provided to help them reach a verdict. These questions specifically pertained to protecting investors and public interest from fraud and several similar exploitations. The report showing how SEC postpones VanEck noted:
“The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’ and ‘to protect investors and the public interest.’”
Previously, he VanEck application was delayed by the SEC, preventing Bitcoin ETFs to be traded on CBOE. The exchange initially filed for the proposed SEC rule change on February 15 with a 45 day period that was assigned for approval or disapproval. Since the first filing and this news that SEC postpones VanEck's application again, the decision has been postponed twice. For those of you unfamiliar with ETF, exchange-traded funds are securities that are valued as a percentage of the associated asset which makes them very similar to traditional stocks. As such, they are the topic of many Bitcoin and altcoin news sites and are seen as a step towards mass adoption of cryptocurrencies and a sign for crypto maturation.
`
Continue Reading

Regulation

Crypto Regulators To Add New Strict Rules For Crypto Exchanges

Published

on

By

crypto regulators
Crypto regulators are eyeing to adopt tougher rules for crypto exchanges regarding the sharing and storing of information about where and to whom users are sending money. In our altcoin news today we are about to find out more. The new rules will go beyond the ‘’know-your-customer’’ rules. The exchanges will need to verify and keep records on the users’ identities and will also have to pass information to other exchanges when transferring funds. Many in the blockchain industry agree that though this is a practice similar to the one banks use, it is not the worst one for crypto. Representatives from the industry urged the Financial Action Task Force to reconsider the delay of the proposed policy. However, crypto regulators especially those who have the FATF’s rotating one-year presidency, were not really into adopting the new set of rules according to some of the attendees at the Vienna meeting. The U.S Treasury’s Under Secretary for Terrorism and Financial Intelligence Sigal Mandelker pointed out:
 “During its presidency of the FATF, the United States has worked with other countries to clarify how all countries should regulate and supervise activities and providers in the digital currency space. We anticipate that in June the FATF will adopt a final version of its Interpretative Note, along with updated guidance to further assist countries and industry with their obligations.”
Even if the FATF accepts the proposed policies, they will not be enforced overnight. The member countries first have to pass the legislation or recommend making changes to the guidelines. The Assistant professor in the Department of Political Science at the University of California, Santa Barbara Julia Morse pointed out:
 “The FATF recommendations are not legally-binding international law; however, because the FATF’s members – 36 economies and two regional bodies – include the largest and most important financial systems in the world, its rules have teeth.’’
As mentioned in the latest cryptocurrency news, industry members are waiting to see the final guidance and hope that the governments will provide enough time for a solution on sharing information among other crypto exchanges.  The industry leaders should also be ‘’recommending an extended adoption timeframe to ensure proper implementation and coordination across the industry.’’
`
Continue Reading

Regulation

Crypto Regulation In Japan: The Measures G20 Wants To Impose

Published

on

By

crypto regulation in japan
in tRegulation is always a hot topic in our latest cryptocurrency news. In the latest updates, we are focusing on the crypto regulation in Japan which is a viral topic because of the serious attitude taken by the country. If recent reports are to be believed, the G20 has established a solid agenda. The international organization's busy calendar of activities will first kick off with a general summit on June 1 in Osaka, Japan. As it looks, Tokyo is determined to convince the international counterparts to commit to cryptocurrency regulations right from the outset. In this manner, the crypto regulation in Japan may impose a couple of regulations. First of the list would be the issue of how new exchanges obtain operating licenses from the regulatory Financial Services Agency (FSA) post the Coincheck hack. According to a popular blockchain/crypto consultant named Akio Kikuchi:
“The government appears to have decided that it does not want a China-style shutdown of the industry, or a partial shutdown, like the one the South Korean government has imposed. But what is really wants to do is ensure all exchanges toe the line. And it really wants to end all forms of unregulated trading.”
The FSA has indeed done this. They imposed a strict set of rules for existing exchanges to abide by (as part of the new crypto regulation efforts) and the application process has become a lot more stringent too. However, this is only the tip of the iceberg called crypto regulation in Japan. It is very likely that world leaders will want to spend their time on matters that they feel are more pressing - such as resolving the United States-China trade rift. As many best cryptocurrency news sites report, the issue of crypto regulations is mainly forced by the former prime minister of Japan, Yoshihiko Noda, who wants the topic of crypto regulation in Japan to be brought into the June 1 summit.
“Reaching an international agreement [on crypto regulation in Japan] on June 1 could block North Korea’s ongoing efforts to escape economic sanctions," Noda stated.
However, the prospect of international regulations is getting bigger and featured in the altcoin news more and more often. As some enthusiasts say, people tend to view regulations as a negative thing - but may start thinking about this differently if they abide by the rules.  
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





ADVERTISEMENT

Join us on Facebook

Recent Posts

ADVERTISEMENT

UPCOMING EVENTS RECOMMEND BY DC FORECASTS

june

No Events

NEWS CATEGORIES

ADVERTISEMENT

Trending Worldwide

X
X