SEC Receives Letter from U.S. Congress Members Requesting Clearer Regulations

[Baofeng]

https://www.livebitcoinnews.com/sec-receives-letter-from-u-s-congress-members-requesting-clearer-regulations/

According to CNBC, SEC Chairman Jay Clayton received a letter from some members of the House of Representatives requesting feedback on the authority’s plans for regulating the crypto industry. The letter, which was signed by over a dozen politicians, stated:

"It is important that all policy makers work toward developing clearer guidelines between those digital tokens that are securities, and those that are not, through better articulation of SEC policy, and, ultimately, through formal guidance or legislation."

Looks like someone from Congress want's SEC to have a clearer definition. I don't know if this could bring potential bullish trend to the market right now.

At least we all know that someone from Congress is looking at our behalf. 

[KingScorpio]

https://www.livebitcoinnews.com/sec-receives-letter-from-u-s-congress-members-requesting-clearer-regulations/

According to CNBC, SEC Chairman Jay Clayton received a letter from some members of the House of Representatives requesting feedback on the authority’s plans for regulating the crypto industry. The letter, which was signed by over a dozen politicians, stated:

"It is important that all policy makers work toward developing clearer guidelines between those digital tokens that are securities, and those that are not, through better articulation of SEC policy, and, ultimately, through formal guidance or legislation."

Looks like someone from Congress want's SEC to have a clearer definition. I don't know if this could bring potential bullish trend to the market right now.

At least we all know that someone from Congress is looking at our behalf. 

regulations end always in corruption, since the SEC is a private organisation behaving as pseudocommunists, why care about what it says or thinks?

[FedorIzmailov]

this news will not lead to a bullish mood, but believe it is not far off. soon the bulls will return and those people who have been holding bitcoin for so long will again be able to earn on it

[Tytanowy Janusz]

https://www.livebitcoinnews.com/sec-receives-letter-from-u-s-congress-members-requesting-clearer-regulations/

According to CNBC, SEC Chairman Jay Clayton received a letter from some members of the House of Representatives requesting feedback on the authority’s plans for regulating the crypto industry. The letter, which was signed by over a dozen politicians, stated:

"It is important that all policy makers work toward developing clearer guidelines between those digital tokens that are securities, and those that are not, through better articulation of SEC policy, and, ultimately, through formal guidance or legislation."

Looks like someone from Congress want's SEC to have a clearer definition. I don't know if this could bring potential bullish trend to the market right now.

At least we all know that someone from Congress is looking at our behalf. 

regulations end always in corruption, since the SEC is a private organisation behaving as pseudocommunists, why care about what it says or thinks?

Because without SEC approval we wont have ETF (massive new capital flow into crypto).

Regulations:
new capital. Huge price grow. End of decentralization and freedom
No Regulations:
Stable price for year. Perhaps drop to 3k and consolidattion there but we will still have independent BTC.

[Legendari]

I'm afraid it won't do any good. It seems to me that this way the regulation is will being tightened more and more....

[avikz]

I am not entirely sure if this letter relates to the proposal of Tom Emmar or not but I think it is. Read the below link,

https://emmer.house.gov/media-center/press-releases/emmer-spearheads-groundbreaking-legislation-support-blockchain?utm

US Congressman Tom Emmar recently proposed a clearer framework for the crypto regulation. The drafted proposal will be introduced in the upcoming assembly and if the proposal receives required number of support, it will have a Chance to become a law after few modifications if needed.

This unclear legal framework is the major bottleneck to the adoption of cryptos. Due to this reason, merchants are afraid to accept crypto as a payment option. If clear legal and taxing guidelines are published, then it will encourage more people to use it as a currency which will drive a sustainable growth for crypto market.

[franky1]

how about instead of letting them argue. lets set some clear definitions ourselves.
EG
1. if a token is created that has allotment of tokens to hand prior to public release and/or announcement. that company/entity group is acting under a security concept

2. if a token network cannot be seen as having an entity group/company that controls upgrades or initial coin release recipients due to it being so diverse and open to public involvement. it is not a security concept

3. if a token is created to raise funds for a company/entity group. and not created solely to be an open spirited network for anyone to utilise then its a security

feel free to add or edit

[dothebeats]

It's actually time for the government to create a clearer legal framework for crypto and to distinguish it completely from securities. Perhaps we could also see what criteria does the SEC have when they are talking about securities and crypto, and to better understand how they end up getting their results for declining ETFs. This is an opportunity for the rest of the community to hear everything out and to better understand what to do with their crypto, and also for the advancement of the regulatory framework concerning crypto and securities.

[ipanks]

I don't know if that is true or not because we are in the online world and everything can be manipulated. I think let them decide what they want, and we can watch the result later. And if because of this the market increase then we can make a smile but if it's not then, we need to wait for more which we need to be patient. I prefer to stay updated with the market because that is the reality we can see about what is going happen in the crypto and we can decide we want to do. Besides that, all of us is waiting for the next big thing that might happen in the cryptocurrency world, so I think it is better to stay calm and not make a rush action before we are sure.

[contact12345]

https://www.livebitcoinnews.com/sec-receives-letter-from-u-s-congress-members-requesting-clearer-regulations/

According to CNBC, SEC Chairman Jay Clayton received a letter from some members of the House of Representatives requesting feedback on the authority’s plans for regulating the crypto industry. The letter, which was signed by over a dozen politicians, stated:

"It is important that all policy makers work toward developing clearer guidelines between those digital tokens that are securities, and those that are not, through better articulation of SEC policy, and, ultimately, through formal guidance or legislation."

Looks like someone from Congress want's SEC to have a clearer definition. I don't know if this could bring potential bullish trend to the market right now.

At least we all know that someone from Congress is looking at our behalf. 

I read another one where Americans want to step into the markets to be the first ones before other countries legalize cryptos as masses. This might be of benefit to BTC but cannot really start the bullish trend. It still needs time.

[Privatoria]

Whatever decision will be made, bitcoin is spreading more and more around the world. The very presence of news about it and the study of Bitcoin in serious organizations testifies to its importance and value.

[nikola22]

it's a strange situation that SEC can't set the clear rules for all the players on the market. thus all participants lose money and time.

[Jannn]

I'm glad to hear congress is actually being vocal about this, we definitely need to see something clear and definite, right now everybody is skulking around not knowing what the hell to do because the rules are so vague. I hope this doesn't in turn lead to generalized rules that cover a greater scope, like most governments have a habit of throwing out because they're too lazy to truly understand the tech.

[pitiflin]

Dude, the US congress is afraid of bitcoin apparently, and even think that it might take over USD one day, so clearly this isn't surprising news to see. Its funny however, that these Congressmen and women are literal old dumbfucks who don't even understand the policy of their country's SEC.

Regulation is kinda good, it helps a lot of people than shoving people away, but obviously some people won't like it, I know I wouldn't, because sometimes regulation just becomes censorship and lack of freedom,and anonymity. Let's see what the SEC is going to do about this.