Kathryn Haun, the Coinbase board member and HackerOne, stated that the blockchain and cryptocurrency would not see regulations for years. He made the statement during the Code Conference in California. She also claimed that had the regulations been levied a year ago, it would be outdated by now due to the rise of ICOs.
Senate Bill 300 has been proposed by Senator Matt Dolan. The bill claims to recognize blockchain records and smart contracts as electronic records under the Uniform Electronic Transactions Act. It is reported that the passing of the bill into law would help Ohio state follow Arizona and others for acknowledging blockchain and smart contracts for electronic records.
A representative from Germany’s Federal Financial Supervisory Authority, BaFin visited the National Bank of Georgia (NBG) to equip awareness about cryptocurrencies. It is reported that the attendants were receiving elaborated information on the cryptocurrency industry. The Georgia bank also warned the public over cryptocurrency investments.
Supporting cryptocurrency startup to establish their business in the U.S state, regulations have been signed by the Republican Governor Matt Mead. State Representative Tyler Lindholm said, “My legislation does tend to not align with federal bureaucracies very well, and it wouldn’t be the first time I got a letter from an agency at the federal level.”
According to the report, the increasing number of cryptocurrency adoption has increased the pressure of the US lawmakers in establishing a proper regulation specifically for the emerging industry. There is no big impact created by the US regulators towards cryptocurrency. Regulating decentralized platform imposes many challenges.
Collaboration has been made between the Officials of the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to fight against the cryptocurrency-related fraud. High-ranking CFTC Official said that “the CFTC has set up a specific taskforce to prosecute fraud in this evolving asset class.”
An international event organizer, Smile-Expo will be organizing an event dedicated to cryptocurrency and ICO to be held in Sydney on May 29th. Numerous well-experienced speakers including Rupert Colchester, Ilyas Vali, and others are invited to discuss the development of cryptocurrency, legal regulation, blockchain solution tools and many more.
The Central Bank of Mongolia has approved the regulation of digital currencies. The regulation covers the definition of market players in the cryptocurrency market and highlights on the security and trustworthiness in the trading system. The regulations formulated are also targeted to enhance the FinTech sector and payment systems.
Jay Clayton, the U.S. Chairman of Securities and Exchange Commission, has interesting insights exposed during the talk on “Cryptocurrency and Initial Coin Offerings” session at the Princeton University. He added, “I think if we don’t stop the fraudsters, there is a serious risk. The regulatory actions will also be so severe that they will restrict the capacity of this new security.”
Taobao, a subsidiary of Alibaba, modified its prohibition plan covering cryptocurrency activities. The Taobao would be restricting activities related to Initial Coin Offerings (ICO). The altered rules cover ICOs and other digital products. It is highlighted that the store outlets that violate the rules and extend ICO related services would suffer penalties.