[2018-09-26] Crypto Firms to Congress: We Need Clarity on Blockchain Token Rules

[Terraformer]

Some 80 representatives from the cryptocurrency and traditional finance industries trekked to Washington, D.C. on Tuesday with a singular message for U.S. lawmakers: we need regulatory clarity on cryptocurrencies and initial coin offerings (ICOs).

That message was fully on display during the "Legislating Certainty for Cryptocurrencies" event held this week at the Library of Congress. Over the course of the morning and early afternoon, stakeholders outlined the difficulties they face when launching projects and products in the U.S.

The culprit behind their woes: uncertainty as to when cryptocurrencies are treated as securities and how startups should approach compliance more broadly.

Members of Congress, it would seem, are receptive to their complaints. Congressman Warren Davidson, who hosted the event, positioned the forum as a round-table discussion to solicit input from the industry on these very points. A spokesperson for the lawmaker told CoinDesk that Warren intends to introduce "light touch" legislation sometime within the next three weeks.

Continue reading >> https://www.coindesk.com/crypto-firms-to-congressmen-we-need-clarity-on-blockchain-token-rules/

[figmentofmyass]

i always preferred the "wild west" situation where services and fundraisers operated in a grey area. fundamental uncertainties (like possible regulation or prohibition) always allow for high risk/reward opportunities. once the uncertainty is removed, everyone on the sidelines piles into the market and potential gains diminish.

in a couple years, the USA will probably have a relatively clear regulatory regime for crypto and ICOs. i wonder how much trading volume that'll push onto more legit (KYC-abiding) exchanges.