Despite the growth in the cryptocurrency sector and as mentioned in the previous article, the Exodus of crypto-industry is inevitable in from US. Despite sharing the concerns about the regulatory actions by the 80 crypto leaders in US to the Congressmen, the regulation status amounts to nothing. The frustratingly opaque conditions on the crypto-regulation has become the biggest concerns in the crypto market.
It is still uncertain where the regulations will come from, the Security Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), but the question still remains abound. While there remains no widespread movement in Washington regarding the Cryptocurrency regulatory environment, but there are signs which depicts that the pockets of Congress are about to take the storm and take interest in the cause.
The New Congressional Action Beginning:
The Davidson Roundtable meeting, titled “Legislating the Certainty of Cryptocurrencies” was held at the library of congress, where the reputed Warren Davidson (R-OH) hosted industry leaders from the Wall Street, Silicon Valley and the crypto industry came with roughly eighty leaders coming from the private sector on September 24 including multiple members of congress and their aids in attendance as well.
The importance of the growing crypto-industry has been stressed in formulating and crafting the government rules that will eventually govern the crypto space.
The Congressional Letter to SEC
Following the round table meeting, the representatives and Davidson issued a public letter to SEC chairman Jay Clayton requesting that the SEC issue clarification on whether the Initial Coin Offering (ICO) are considered as security sales as it was mentioned earlier by the US Federal Judge that Cryptocurrencies comes under commodities and cannot be considered as a security. The representatives used the letter to express their concerns that all tokens were treated as securities, whether the designation was applicable or relevant
New Legislations coming its way:
There are no major legislations been introduces to cover us the crypto industries, US representative Tom Emmer (R-MN) has introduced a state of three bills designed to encourage the support for the crypto industry. The bill propose only minor changes about how cryptocurrencies in US is regulated.
The concerns about the cryptocurrency regulations have forced some entrepreneurs and firms to deploy them to more stable regulatory chimes. The Switzerland’s “light-touch” regulatory policy has fuelled the growth of the industry in the country.
While it is encouraging to see the government finally began to take their interest into the crypto industry, the Congressional letter to the SEC guidance would take time to emerge fully into the open light and develop. The startups waiting to get a better regulation clarity will have to wait further.
Its time to see when the US regulators finally wake up.
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