The SEC starting to regulate? More paperwork? More rules? But wait, what are they regulating? They think bitcoin and other cryptocurrencies BUT………they don’t know what exactly they are. Currency? Software? Equity? Etc? And, what if the SEC regulates and all the innovation goes offshore? What to do? Hey, lets have a meeting, form a committee and study it some more. Asia, Switzerland, Russia, etc may be ahead of us BUT we will study harder. SEC on the ball, or behind the ball? You decide.
(Bill Taylor, CEO)
“When it comes to regulation, what exactly is a cryptocurrency?
Is it a currency? Is it a piece of software? Is it more like an equity? And if it is an equity, does that mean it should be regulated like any other security?
The U.S. Securities and Exchange Commission (SEC) recently weighed in…
How regulators like the SEC define and treat cryptocurrencies is important because it affects both the value of cryptocurrencies, and how likely it is that blockchain technology will thrive in a particular jurisdiction.
For example, if a country’s regulatory body decides that cryptocurrencies should be banned, then this will drag down prices (depending on the size of the country) and blockchain technology companies will avoid setting up shop or investing there – they won’t feel welcome.
The SEC has been notably quiet on the subject of cryptocurrencies. Other regulatory bodies and governments, primarily in Asia, have been extremely proactive in outlining how they will treat and regulate bitcoin and cryptocurrencies as an asset class.
In May, I told you that the SEC would eventually step into this market. “Especially as the financial stakes increase.”
Now, it looks like the SEC is on the ball….”
Full story at: Businessinsider