The US Securities and Exchange Commission plans to work on its guidelines for the regulation of Bitcoin & Co. SEC Commissioner Hester M. Peirce said in a speech at the University of Missouri. Accordingly, the authority is considering adapting its regulations in the future. The SEC also wants to offer assistance to applicants for new projects.
Above all, adequate guidelines are needed to achieve a global adaptation of cryptocurrencies such as Bitcoin, Ripple and others. The repeatedly rejected applications for Bitcoin ETFs and the partly shattered hopes of the community for a possible bull run speak volumes in this connection. However, apart from lack of security measures in the crypto-ecosystem, there are apparently compatibility issues here. For the new financial technologies are not necessarily compatible with the regulations of an established financial system. This could change soon.
So said SEC Commissioner Hester M. Peirce in a speech that could change the existing guidelines in the future. Accordingly, the employee of the US supervisory authority said:
The [Securities and Exchange Commission] opportunity to rethink its innovation approach stems from a decade of technology development in the context of blockchain and cryptocurrency. This area has challenged many regulators around the world. The SEC is certainly no exception. We ask ourselves, together with other regulators, how the rules in this area apply or whether a new legal framework would be better. If we act appropriately, we can enable innovation at this new frontier. And without endangering the goals of our securities laws […].
No Action Relief: Assistance for Applicants
Accordingly, it is also the task of the authority to provide guidelines on which applicants can orient themselves. The Securities and Exchange Commission is working on an advisory opportunity for ICO and STO applications:
Employees are working on some additional guidance to help people think about whether their crypto financing measures are covered by securities laws. There is also a permanent offer for people who can come to the so-called No Action Relief in connection with a specific token or project. Applicants will explain their intention and SEC staff may respond [by recommending a withdrawal of the application].
The authority ultimately creates space for both itself and applicants. With the No-Action-Relief scheme, the SEC saves work in advance while helping applicants to better prepare their applications.
image by Shutterstock
TheBitcoinNews.com – leading Bitcoin News source since 2012
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.
TheBitcoinNews.com is is not responsible for the content of external sites and feeds. Sponsored Guest posts, articles or PRs are not always flagged as this!
Do you want see your PR or Guest post here? Advertise with us : Advertise