US authorities unwilling to road-block blockchain technology - Consensus 2018

Posted 17 May, 2018

The US regulators are still highly interested in crypto and ICO segment, though without intentions to cripple the digital asset industry. Specifically, such position was stated during this year industry conference – Consensus 2018 held in New York. 

According to CoinDesk report, the representatives of different regulatory bodies, including CFTC, SEC Enforcement Division Cyber Unit, Bittrex as well as attorney general, took part in the discussion of enforcement activities in the segment at the event on Tuesday. The discussion was led by attorney Steve Bunnel.

The government spokespersons added that there were their own opinion and could contradict to the policy of the body they came from. However, they made clear that no one wanted to block the development of the technology or damage blockchain-based tokens.

At the same time, the regulators added that they had to take active measures to fight against fraud activities aimed at stealing assets of the crypto community.

As CoinDesk stated, CFTC and SEC representatives commented that their agencies were sticking to the open-door policy, especially regarding ICO.

"The SEC has been open about meeting with people from the industry, to come in and meet with the staff, to talk about the ideas you have, the new developments, and have a dialogue about the new technology. The commission encourages ways to raise capital, we don't regulate the technology - we regulate the financial industry and the markets," stated Robert Cohen from SEC division. 

Notably, CFTC follows a similar policy, saying that targeting finance market assistance, the regulators should be somewhat flexible in order not to damage the technology expansion.

At the same time, the associate deputy attorney general said that the Justice Department might also consider the protection of the people: 
"The number one priority for the Department of Justice is to keep people safe. One concern we have for the larger virtual currency space is large sums of money are flowing through the market without touching financial institutions ... From a national security perspective or an anti-money laundering perspective, that's something ... we have to investigate. As with anything else, it's a balance but it's certainly one of our priorities, to know what's going on.

During the discussion, the spokesperson from Bittrex expressed concerns about a lack of clear ICO regulation. 
Meanwhike, Cohen commented: "The main issue is whether the token or whatever asset you have is a security, and the commission has put out guidance on that. If a firm or person is making a good-faith effort to comply with the law, and one step to that is if they're talking to regulators, [we'll work with them]."

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