Yet another important political figure has emphasized the need for a reasonable and well-thought-out regulatory approach towards the emerging cryptocurrency field.
‘Thoughtful, Bipartisan Approach’
The pressure on regulators for a comprehensive and “light-touch” legislative approach towards the field of cryptocurrencies has been nothing but increasing.
Live Bitcoin News reported September 15th that the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo, called for a “do no harm” approach to regulating cryptocurrencies.
A similar sentiment was expressed by Congressman Warren Davidson, who said:
With a thoughtful, bipartisan approach that protects consumers, advances free market solutions, and defines safe-harbors for the earliest stage innovators, Congress can send a powerful message around the world that the U.S. is the best destination for ICO markets.
A Challenging Task
The task to regulate cryptocurrencies is, indeed, a challenging one, given their diverse nature. Touching on the matter was Michael Hiles, who outlines that the field is much more than just Bitcoin, saying.
If I have a token that is a share in a company, that’s very clearly a security. But if I have a token that unlocks some feature in an application, and I want to pre-sell that token to the marketplace for access to my system and that token becomes freely trade-able on an open market — that people could freely buy and exchange these things — that’s really what’s at issue.
The U.S. Securities and Exchange Commission (SEC) has been clear that it doesn’t regard Bitcoin and Ether as securities. However, there’s still a defined need for an established legislative framework for the definition of other digital assets. Outlining the challenges that this task brings forward, though, Davidson said:
Everything starts to look like a security to a securities regulator. […] We want to make sure that the United States capital markets stay strong and vibrant, and one of the ways to do that is provide regulatory certainty.
What do you think about regulating the cryptocurrency field? Is it necessary? Don’t hesitate to let us know in the comments below!
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