US Regulators cracking down on altcoins

[okbit]

US regulators are really cracking down. The Dept. of Justice now has a five man strike force investigating digital currencies.

Although I think the regulators are over-reaching, in my opinion regulation is a good thing that will weed out the scam coins.

Which altcoins are currently registered, or in the process of being?

I only know of two coins seeking to meet the new regulations:
Ripple
AppleByte

Are there others?

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[First.Bitcoins]

We at ArtByte (formerly AppleByte) also think the regulation is good for the industry and that it will put an end to the proliferation of the anonymous dev scam coins.

[unusualfacts30]

Good!

too many fcking scams are ruining crypto. As much as I'm against it I think it is needed to attract more investors..rightn now noobs are coming in..losing money and walking out.

moreover all exchanges need to be regulated...scams would start disappearing when they no one is going to list them.

[NorrisK]

Noblecoin / NOXT is also working to adhere to the regulations. Rofo is working specifically with the Australian regulators.

[Snail2]

What are the advantages of using regulated coins over a bank card :/? If you let governments to take a seat at your table you can be sure they never going to leave. The road to hell is paved with good intentions.

[solid12345]

I only know of two coins seeking to meet the new regulations:
Ripple
AppleByte

Are there others?

Shame on you scaring the community as pretext to shill for Applebyte (which is clearly obvious by your posting history.

[Hollingsworth]

RippleLabs paid $1.5 million fine to be compliant with Fincen. A drop in the bucket for them.

If Fincen were to fine the other alt coins and their exchanges similarly, who would survive? Virtually none. They don't have the money.

[unusualfacts30]

What are the advantages of using regulated coins over a bank card :/? If you let governments to take a seat at your table you can be sure they never going to leave. The road to hell is paved with good intentions.

I think exchanges need regulation more than altcoin itself to make sure they aren't listing scams. Scams go away once they have nowhere to go and people can invest in coins without having too much doubt. There should be a way on exchange itself to report a scam (with proper proof offcourse) and that should be connected to government officials who can investigate before getting it removed.

[choochimil]

No need for altcoins to meet regulations. The financial industry is heavy with regulations already. The beauty of digital currencies is independence from centralized control, right?

[sofu]

Much luck in regulate a dead market.

[tiggytomb]

Regulation from a government is probably not the best thing, regulation from the community / users in my opinion would be the way to go.  It will take some time to evolve but once people stop jumping on these obvious scams and simply do not purchase them then the exchanges will have no reason to list them, nobody will buy their ICO and the coin will just fall to the wayside.

[Snail2]

I think exchanges need regulation more than altcoin itself to make sure they aren't listing scams. Scams go away once they have nowhere to go and people can invest in coins without having too much doubt. There should be a way on exchange itself to report a scam (with proper proof offcourse) and that should be connected to government officials who can investigate before getting it removed.

Totally agree. Exchanges should be regulated not the coins themselves. As Ripple is an IOU and an exchange is part of their infrastructure, that's something understandable, but what the heck Applebyte want to regulate?!? I guess this is some marketing gimmick from the ABY devs or community in hopes of attracting some attention and not getting delisted from the few remaining exchanges :/ Anyway it will be better to avoid touching ABY outside of Bittrex.

[QuintLeo]

5 person staff at DoJ is not exactly a major investigation - and it's a LONG WAYS from "cracking down".

 Even for a lame FUD attempt this is pretty weak - assuming the alleged facts are true.

[First.Bitcoins]

5 person staff at DoJ is not exactly a major investigation - and it's a LONG WAYS from "cracking down".

 Even for a lame FUD attempt this is pretty weak - assuming the alleged facts are true.

Whether we agree with it or not, the regulators are taking a close look at our industry. I personally think regulation is good, but I also think some regulations are over-reaching. Here is an article by one of the top Bitcoin/Crypto attorneys: https://coincenter.org/2015/07/does-18-u-s-c-%C2%A7-1960-create-felony-liability-for-bitcoin-businesses/

[QuintLeo]

Regulators have been looking at bitcoin closely at least since the Silk Road mess. Some (New York) seem to have gone WAY overboard on excessively tight regulation, some (IRS) seem to have a more reasonable approach.

[Braino]

"cracking down" ... Hardly and who cares if they do anyway? Impossible to enforce

[spazzdla]

I kind of want to fund the creation of like thousands of new alt coins to fuck with them.. god I hate pigs.

[kelsey]

pretty much the whole point of p2p currencies is to be indifferent to governments and the like  

[Foerster]

Feels like mid 90's when music industry first became aware of digital file sharing.
Then they pressed some legislation to outlaw it and publicly persecuted some key players and power users.
However, they were unable to keep it down since file sharing was too decentralized and too many people were involved for effective enforcement of the law.

If the US regulator goes full retard and tries to regulate altcoins, they will most likely just leave the corporate US and still could be bought everywhere outside the US or within the US in physical cash transactions (like drugs).