Slow to start: Crypto regulators lagging behind blockchain industry
Did a visit from the SEC’s Gensler with EU legislators signal a policy shift? Is U.S.–European collaboration on crypto regulation coming soon? As if he didn’t have enough to do, Gary Gensler appeared before the European Parliament on Sept. 1 to share his policy recommendations regarding the regulation of crypto assets and other matters. While the United States Securities and Exchange Commission Chair made clear that he was presenting his own views — not those of the Commission — his (virtual) appearance necessarily raised questions.Does Gensler, regarded by some as America’s most....
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On November 15, 2020, the Bitcoin Cash blockchain experienced a network upgrade and a bifurcation of the chain as well. While the Bitcoin Cash network continued on smoothly, the ABC pro infrastructure funding plan (IFP) side of the chain had a rocky and extremely slow start. Since the 15th, the nameless ABC chain has seen 197 blocks processed to-date, as a few miners are pointing hashrate at the network keeping the new blockchain going. Just recently Bitcoin Cash (BCH) endured a network upgrade and a consensus split when the full node project Bitcoin ABC decided to keep the IFP baked into....
Two members of prominent US regulatory bodies took to the stage earlier this week to talk about the difficulties of overseeing the exploding industry of smart contracts. The representatives of the federally controlled Commodity Futures Trading Commission (CFTC) and the self-enforcing Financial Industry Regulatory Authority (FINRA) took turns explaining why they were watching the industry so closely. Speaking during a panel at the Smart Contracts Symposium hosted by the Chamber of Digital Commerce, the regulators agreed that while action should be taken, it shouldn't be rushed. Addressing a....
“We’re not a merit regulator, so we shouldn’t be in the business of deciding whether something is good or bad,” SEC Commissioner Hester Peirce said. Securities and Exchange Commissioner Hester Peirce has voiced concerns over the United States lagging behind global jurisdictions in adopting cryptocurrency exchange-traded funds (ETFs).During an online appearance at the Bitcoin (BTC) conference “The B Word,” Peirce pointed out that many other countries such as Canada have already been trading crypto ETFs, while the U.S. is still deciding whether to approve such a trading instrument. She....
Elon Musk has once again hit back at U.S. regulators coming for crypto. Talking at the Code Conference which concluded Wednesday, Musk gave his opinions on the current regulatory battle being waged between the United States government and the crypto space. The CEO said that regulators should not try to regulate the crypto market, and […]
Regulators, banks and private blockchain consortiums aren’t particularly enthused about a public blockchain or distributed ledger providing the platform for banking or financial services, going by the common sentiment at an industry conference in London today. While they don’t want to go the way of bitcoin and other decentralized cryptocurrencies, the threat of the ‘uberification’ of financial industry still looms, making some insiders anxious. It’s still a waiting game for regulators who are yet to determine if fintech startups are innovating with open methodologies or a vetted model with....