cryptocurrency regulation us
SEC’s Hester Peirce stated that cryptocurrencies prove to be important “transaction mechanisms” and their “store of value” is an important function of the digital assets.
With a sense of urgency, the US Congress has set Sept. 24 as a day to thrash out issues relating to cryptocurrency together with the leadership of the SEC, which comes just a day after Bakkt launch.
Following a visit to Switzerland to meet with the country’s financial regulators, United States lawmakers are still concerned over Facebook’s proposed cryptocurrency project, Libra.
Bitcoin had been in an uptrend for most of the day, and yesterday it managed to successfully pierce the $10,000 mark, which is generally considered to be a level of crucial psychological, if not technical, resistance.
The Senate Banking Committee will hear arguments from Circle CEO and Co-founder, Jeremy Allaire on the digital currencies and the blockchain industry. Allaire hopes that a new regulatory framework will be adopted for the sector.
On 25th July, FinCEN, an agency within the US treasury department, levied a fine on both Vinnik and BTC-e to the amount of $88,596,314 and $12,000,000, plus interest as provided by law for the involvement in certain monetary related criminal activities.
Ron Paul, former congressman, and ex. presidential candidate called cryptocurrencies a ‘great idea’. He likes competing currencies and is a long-time proponent of winding down the Federal Reserve and radically restructuring how US dollar is issued.
The Treasury Department has concerns that Libra, as well as Bitcoin, could be misused by terrorist financiers and money launders, to carry out illicit activities ranging from cybercrime to tax evasion, extortion, and ransomware.
Facebook blockchain lead David Marcus sent a letter to U.S. lawmakers in which he addressed multiple questions asked by the government. Facebook says it will respect consumer privacy and is willing to work together with regulators.
In another attack on the Libra developments, 33 lawmakers have requested Congress to ask Facebook to stop further development on Libra before they answer all their concerns and questions.
