It seems that the unclarity over regulation of cryptocurrencies and ICOs is going to end very soon in United States. The word is out that US Congress plans to introduce two new bills addressing the regulation of this space on 13th of December, and oddly the bills plan to treat cryptocurrencies very differently from ICO tokens.
That’s right. The news was broken by CNBC reporter Kate Rooney, and according to her report the bills suggest the regulation of space to be divided between two different agencies. They suggest that cryptocurrencies like Bitcoin and Ethereum should be regulated by the Commodities and Futures Trading Commission (CFTC) while all other tokens should be regulated by the Securities and Exchange Commission (SEC).
Congress seems to be getting more serious about cryptocurrency..
— Kate Rooney (@Kr00ney) December 6, 2018
Cryptocurrencies first got the attention of US regulators back in 2017 during the early days of ICO boom. However, the problem was that ICOs started appearing a lot similar to securities to the SEC. However, they were still unregulated. So SEC started bugging startups again and again about complying with the security laws while raising funds from ICOs. A number of startups were also subpoenaed and rapped by the markets watchdog to ensure compliance with US security laws until the regulation is put in place. Now finally a few months later the regulation seems to have taken shape.
More details about the two bills being introduced will come to light only after their introduction, so we need to wait. However, you don’t need to worry about that because we’ll certainly bring you more updates about these bills as they’re introduced in the Congress. Just keep checking our updates!