Self-Regulatory Organizations Growing Alongside New U.S. Crypto Regulation
SROs can eventually provide “connective tissue” between the crypto industry and government as U.S. regulatory infrastructure forms. As the adoption of crypto takes off, the industry is exerting increasing influence on American society. This can be seen in its lobbying efforts and political action committees, for example, and in its own organizational efforts, such as business associations that promote it at the state, regional and national levels. Another way crypto is influencing society is through self-regulation. The broader impact of self-regulation may be less apparent than when a PAC....
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In places where crypto has no solid legal framework, self-regulatory organizations act as a ladder for crypto companies to evolve. The crypto market is growing at a rapid pace, with governments and various regulatory bodies actively trying to study and keep up with the growth. While many policymakers around the globe have come to realize that banning the crypto market is not an option, many are yet to come up with a formidable framework to regulate the nascent market in their respective countries.Even some of the most crypto-friendly countries have only managed to regulate parts of the....
Bitcoin is gradually gaining acceptance across the world as a digital currency. A lot of businesses across various sectors have started including bitcoin as one of the modes of transaction alongside fiat currency. Most businesses, except for those in the non-profit sector can easily setup a bitcoin based payment service and start using it in no time, without any hassle in terms of regulations and other legal implications. Why are nonprofit organizations singled out? When someone says nonprofit organization, we visualize social good. We think about the humanitarian causes supported by these....
Regulators in the U.S. and U.K. have met to discuss broader crypto regulatory initiatives. They reaffirmed their commitment to “continued cooperation to support safe financial innovation, as well as to strengthen regulatory outcomes for stablecoins across jurisdictions.”
US and UK Regulators Collaborate on Crypto Regulation
The U.S. Department of the Treasury published a joint statement last week on the U.K.-U.S. Financial Regulatory Working Group.
The group held a meeting on July 21. Participants included officials and senior staff from HM....
Hoskinson feels regulations for the crypto industry should be defined better, but that compliance should come from the industry itself, not from regulatory authorities. Cardano co-founder Charles Hoskinson has told Congress it should make regulations for crypto but leave compliance up to the software developers.Hoskinson likened the ideal arrangement for crypto regulation to the way banking self-regulation works during a June 23 congressional hearing, telling legislators “it’s not the SEC or the CFTC going out there doing KYC-AML, it’s banks.”“It’s a public-private partnership. What needs....
Bank of Canada’s senior deputy governor says the central bank does not want to wait until crypto “gets a lot larger” before it brings regulatory controls in place. “This is an area that is still small, but it’s growing really rapidly,” the official said.
Bank of Canada’s Official Stresses the Importance of Crypto Regulation
Bank of Canada Senior Deputy Governor Carolyn Rogers talked about cryptocurrency regulation in an interview with Reuters Thursday.
“This is an area that is still small, but it’s growing....