Does Bitcoin Need Regulation?
An increase in regulation has also been met with an adoption of Bitcoin on a wider scale, but what are the impacts of regulation on the industry?Watch This Episode On YouTubeListen To The Episode Here:AppleSpotifyGoogleLibsynOvercasIn this week’s episode of “Bitcoin Bottom Line,” hosts C.J. Wilson and Josh Oszelwicz are joined by guest Yankun Guo, a corporate and financial regulations attorney at Ice Miller, to discuss cryptocurrency regulations and how they intersect with law. Guo’s interests lie in bridging the gap between technology and law. She explains her tasks as “working with....
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Are you for it, or against it? It's no secret that the bitcoin community can be divided when it comes to the topic of regulation - some believe it's necessary to bring bitcoin to the mainstream and others believe that bitcoin was built specifically to circumvent regulation. To get a better idea of where the industry stands as a whole, CoinDesk wants to hear directly from our readers about how they view bitcoin regulation around the world.
The proposed regulation measures are considered to be positive in the UK. The topic of Bitcoin regulation is a cause for optimism and trepidation among digital currency enthusiasts. In the United States, the BitLicense currently being developed in New York has divided the industry. Unlike bitcoin users in the US, the majority of Bitcoin users in the UK are in favor of regulation. Miningpool.co.uk recently conducted a digital currency study revealing that amongst other results related to usage in the UK, only 13% of Bitcoin users disagree with the government's plans to regulate....
Daniel Cawrey at CoinDesk broke down a few arguments for why government regulation on some level would be a benefit to Bitcoin. This has been a hot topic in the US since the November 18 Senate committee hearing on digital currencies. The basis for regulation, in his argument, comes from FinCEN Director Jennifer Shasky Calvery’s quote about mitigate risk while minimizing the burder on the currency. Cawrey touches on three areas of concern: Crime, privacy and the banks. Here is how limited regulation could assuage those concerns.
Since the realm of virtual currencies is a decentralized industry, there is no single monetary authority or government agency implementing bitcoin regulation these days. In the United States, state governments are in charge of coming up with the necessary legislation to oversee the activity of bitcoin companies and enforcing the rules. For the Uniform Law Commission (ULC), there is a need for a unified bitcoin regulation law, as this could help strike the balance between consumer protection and encouraging innovation. The group recently released a discussion-only draft of their proposed....
A commissioner with the U.S. Securities and Exchange Commission (SEC) expects to see stricter regulation on stablecoins. However, Treasury Secretary Janet Yellen says stablecoins are currently “not a real threat” to the country’s financial stability. SEC Commissioner on Stablecoin Regulation The regulation of stablecoins has been a hot topic this week following the Terra fiasco which saw UST losing its U.S. dollar peg and LUNA plunging to near zero. A commissioner with the U.S. Securities and Exchange Commission (SEC), Hester Peirce, talked about cryptocurrency....