Memo: SEC already has the ability to prevent encryption crimes
Fox reporter Eleanor Terrett posted on Twitter that before the U.S. House Financial Services Committee was about to hold a hearing on the direction of crypto asset regulation on the 11th, a memo was circulated among members of the Democratic committee.
Eleanor said the memo contains "key message" that the U.S. House of Representatives Finance Committee insists on. As mentioned in the previous paragraph, Republican members of the committee who want to cut the budget of financial regulators have actually not seriously protected the rights of investors. They should focus on passing a detailed debt ceiling bill rather than legislation that relatively supports cryptocurrency.
Later in the document, the Financial Committee supported the U.S. Securities and Exchange Commission (SEC)’s absolute jurisdiction over cryptocurrency and asset supervision, and stated that almost all existing cryptocurrencies fall within the scope of securities. At the same time, it shows that the current problem of cryptocurrency is not ambiguity or wandering on the edge of the law, but large-scale non-compliance and illegal behavior. In the end, the Financial Commission claimed that the SEC has established a strong enough team and regulations to prevent crypto-related crimes and protect investors.
In response to the memorandum and the uncertainty within the U.S. government regarding various aspects of crypto-asset regulation, some people left messages saying that if the U.S. treats crypto technology in an anti-innovation manner, both jobs and capital will leave the United States.
The above policies or official positions may cause the United States to lose its dominant position in the financial market in the future.
The government and local governments have different views?
Every move made by one state related to crypto assets will undoubtedly affect the advancement and transformation of the regulation of crypto assets in other states, and even the entire country.
Contrary to the official unfriendly attitude of the U.S. government towards crypto-assets, New York State, as a local government, has introduced a new bill that accepts stablecoins as a method of payment for bail. According to news media Watcher.Guru, the new parliamentary bill will amend the current criminal procedure law and extend the acceptable bail payment methods from the original cash and credit cards to various types of bonds and stable digital assets.
Specifically, the bill introduces only "legally collateralized stablecoins" as a payment method, and other non-legally collateralized and even algorithmic stablecoins are not acceptable. The implementation of this bill is regarded as a milestone that may allow the implementation or adoption of stablecoins in New York State and other regions.
(Source: Watcher.Guru)
This Article Almost All Cryptocurrencies Are Illegal Securities! U.S. Democratic Party Memorandum: SEC Has Encryption Supervision Power first appeared on Chain News ABMedia.
