According to a July 30 publication on the Ripple website, the importance of regulating cryptomonies was discussed. In addition, the reasons behind the dangerous accumulation of orders from the United States
It is important to note that, some U.S. authorities are taking advantage of the benefits of this new technology. For example, the U.S. Consumer Financial Protection Bureau (CFPB) and the U.S. Coin Validation Bureau.
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What is at stake for the United States when it comes to regulating cryptosystems?
Now, there’s a change in the world with cryptomonies. As you know, recent news indicates that the industry is moving forward, with sophisticated financial institutions and flexible central banks. This bodes well for the adoption of a regulation of cryptomoney throughout the world.
Which jurisdictions will lead this important change?
It should be noted that, in the United States, the Securities and Exchange Commission (SEC) has taken control of the supervision of cryptomonies. The SEC initially took over, due to the need to stop the abuses seen during the Initial Offerings of Coins (ICO) insanity.
Essentially, the SEC has placed the regulation of cryptomonies into an old regulatory framework that governs elements including orange groves, oil rigs, whiskey and public telephones, among others. In reality, rules that do not conform to this emerging technology.
With this in mind, Congress can help by passing sensible laws. Another alternative is for the SEC and the Commodity Futures Trading Commission (CFTC) to join forces and develop a workable framework that protects the integrity of the markets and consumers.
What crypto-currencies are „securities“?
Of course, if complex and burdensome securities regulations are applied incorrectly, they could stifle innovation in the industry.
It is worth noting that, the SEC has exempted two crypto currencies from the securities laws, Bitcoin and Ethereum. For the other cryptosystems, the SEC has remained silent, unless it has decided to regulate them through enforcement procedures.
Importantly, the SEC has approved only two cryptosystems, both controlled by China.