Top US Official Tells Cryptocurrency to Regulate Itself

· February 12, 2018 · 9:00 am <!– Excerpt

While the US supervision total out accurately how to hoop Bitcoin and the flighty cryptocurrency market, Brian Quintenz, a commissioner with the Commodity Futures Trading Commission, suggests crypto companies should start controlling themselves. Regulate Yourself With the likes of Bitcoin, Ethereum, and others, there are copiousness of plain options for savvy investors who do their possess investigate in the cryptocurrency market. On the flip side, however, exists a resources of fake scams, Ponzi schemes, and

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While the US supervision total out accurately how to hoop Bitcoin and the flighty cryptocurrency market, Brian Quintenz, a commissioner with the Commodity Futures Trading Commission, suggests crypto companies should start controlling themselves.


Regulate Yourself

With the likes of Bitcoin, Ethereum, and others, there are copiousness of plain options for savvy investors who do their possess investigate in the cryptocurrency market. On the flip side, however, exists a resources of fake scams, Ponzi schemes, and amateurish projects — frequently creation off with fresh investors’ hard-earned cash.

Bitcoin regulation

Though supervision law in the US might come someday, it’s not going to be any time quite soon. Until then, Quintenz suggests cryptocurrency companies form a self-regulatory organization, ordinarily famous as an SRO, explaining in an interview:

I would like to use this event right now to call on the investment village and the advocacy village around digital currencies to emanate some form of self-regulatory classification that can rise standards around cyber policies, information retention, record keeping, financial annals obligations, insider trading, ethics, codes of conduct. Self-regulation has a clever story in our markets.

SROs are hackneyed in other financial sectors but aren’t always the most good guardians, affording some people the event to feat an attention before the supervision legitimately stairs in.

To Regulate, or Not to Regulate?

The subject of regulation in the cryptocurrency space is, naturally, a argumentative one.

Many purists trust deregulation is at the very heart of cryptocurrency itself, while others — like Quintenz — think law is an destined eventuality, and so the cryptocurrency marketplace could advantage from holding active stairs in moulding the sorts of law it would find most profitable and slightest intrusive.

cryptocurrency regulation

The US has so distant rubbed cryptocurrency decently. Officials mostly call Bitcoin and other cryptocurrencies dangerous and fake but have also shown an bargain of the earnest destiny of blockchain technology.

Some states are all aboard the cryptocurrency train, with Arizona recently flitting legislation permitting state taxes to be paid with Bitcoin. Other states are not.

The US supervision is also still is at contingency with what Bitcoin and cryptocurrencies even are, sophistry between tradable security, commodity, and currency.

Given the generally delayed gait at which Congress creates decisions, it is doubtful that tangible cryptocurrency law is going to come anytime shortly — which might be a good thing.

Do you think supervision law of Bitcoin and other cryptocurrencies is an eventuality? Should the cryptocurrency attention umpire itself first? Let us know in the comments below!


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