On September 25th, more than 50 representatives from leading Wall Street and cryptocurrency companies met for a crypto roundtable talk in Washington D.C. Token classification and ICO (Initial Coin Offering) regulations were the main topics of the meeting.
Congressman Warren Davidson hosted the Legislating Certainty for Cryptocurrencies roundtable, and he plans on introducing a House bill in the fall. In Davidson’s words, the cryptocurrency market needs a light-touch regulation. Davidson also pointed out that the cryptocurrency language we use right now is “sloppy,” and that it is one of the areas that should be improved upon.
One of the concerns voiced at the meeting was that the US Securities and Exchange Commission (SEC) rely on a ruling from 74 years ago for declaring a financial asset a security. What's to troubling the crypto industry is that Chairman Jay Clayton doesn’t seem likely to change those standards.
Still many deem modernizing standards that date back to 1946 necessary. This includes Mike Lempres, chief legal at Coinbase. “We all want fair and orderly markets; we want all the same things regulators do. It doesn’t have to be done in the same way it was done in the past, and we need to be open to that,” Lempres said at the meeting.
Carla Carriveau, Circle’s senior regulatory counsel, spoke at the meeting as well. She said that the Congress has to step up if the SEC decides to clarify the laws.
The meeting also revealed that many companies worry about their projects not being SEC-compliant. For this reason, crypto firms are in fear of not interpreting the laws right. This started a discussion about the possibility of crypto companies moving to territories that are crypto-friendly.
The primary purpose of the roundtable discussion was to hear what the crypto industry has to say. According to Davidson, the crypto bill is still a work-in-progress. However, this discussion will help him decide what to include in the final draft of the crypto bill.
One thing is certain – the crypto industry needs regulatory certainty. “I'm confident we can move forward and make this a flourishing market in the U.S. It's an imperative for us to do,” concluded Davidson.
We’ll keep an eye on this situation to see how it will further develop. That’s all we've prepared for today’s edition of bitcoin betting news.