Coinbase: there is no need for a more serious regulation of the cryptocurrency

Home » REGULATIONS » Coinbase: there is no need for a more serious regulation of the cryptocurrency
2018-03-16
Coinbase: there is no need for a more serious regulation of the cryptocurrency

During the hearing in the US Congress, the chief lawyer of the American company Coinbase, Mike Lempres, said that the federal government has all the necessary powers and mechanisms to regulate the cryptocurrency industry, and there is no need to create a new department. Nevertheless, Lempres noted that the authorities should determine what powers each supervisory authority has over the industry, since Coinbase already reports to the Securities and Exchange Commission (SEC), and to the Commission on Futures Trading (CFTC) and before the Federal Trade Commission, and before the Office for Combating Financial Crimes (FinCEN). In addition, the company must also comply with the requirements of licensing authorities in 38 states.

Each regulator, according to Lempres, must choose a specific direction in the crypto-currency sphere and take it under control.

“Today’s situation is somewhat reminiscent of the parable of the blind and the elephant – each department considers the token exactly under its own angle. The SEC claims that tokens are securities; in CTFC think, tokens are goods in the event that not securities; in the Tax Administration they are considered their property, and in FinCEN it is money, “he stressed, demanding specifics in the regulation of the ICO.
Lempres also explained why only Bitcoin, Litecoin, Ethereum and Bitcoin Cash are traded on GDAX. The reason is that these digital assets are not exactly securities, for which Coinbase does not have a trade. The list of available cryptocurrencies is limited, since there is a risk that the Khovi test can assign the status of securities to other tokens.

CRYPTOCURRENCIES
  • bitcoinBitcoin$5,058.18
  • ethereumEthereum$162.93
  • rippleXRP$0.325639
  • tetherTether$1.00
  • eosEOS$5.30
  • stellarStellar$0.114603
  • litecoinLitecoin$77.09
  • cardanoCardano$0.082130
  • tronTRON$0.026286
  • moneroMonero$64.58
  • iotaIOTA$0.307918
  • nemNEM$0.065749
  • dashDash$119.43
  • neoNEO$10.93
What is Cryptocurrency? How to Use, the Future of Crypto, the History of Bitcoin
Cryptocurrency market is actively developing and expanding. This relatively new industry is causing a lot of questions and attracting a huge number of investors, businessmen and ordinary people. “What is the future of cryptocurrency?”, “How to choose cryptocurrency exchange?”, “How to sell Bitcoins?” “What about cryptocurrency mining”? Millions of people read cryptocurrency news everyday and […]
2019-04-08 0 49
What is Bitcoin?
The cryptocurrency industry is becoming more and more popular all around the world. Despite the fact that there are more than 1000 different cryptocurrencies and the number keeps growing, cryptocurrency is often associated with Bitcoin. Bitcoin is the first modern cryptocurrency in the world; it attracts thousands of users and investors from different countries. Millions […]
2019-03-20 0 46
Bitcoin, Ethereum, Ripple, Monero, Dash, Tron: major differences and features
Investors see different names of cryptocurrencies and the movement of their courses, but typically don’t even know why the digital coins are so popular. Most of us have already Googled “How to buy Bitcoin” or “How to sell Ethereum”. Cryptocurencies are becoming more and more popular: Bitcoin price is fluctuating and its value is not […]
2019-03-19 0 45
What is Blockchain?
“Giving users easy access to many different kinds of digital assets on the blockchain and, particularly, tokens that are linked to assets in the real world, is crucial to seeing blockchain adoption reach the next level, and I applaud Digix Global’s initiative in being the first of many such projects to successfully launch” – Vitalik […]
2019-03-06 0 43
© 2017–2018