SEC and CFTC gave a presentation to a congress committee where they called for a need to have coordinated efforts in coming with viable regulation. Both alluded to the need for a regulation to curb misuse of the innovation.
Regulators in the U.S. have repeatedly alluded to the need for appropriate regulation on ICOs, cryptocurrencies and blockchain tech. However, it is clear that they are willing to allow space for the development of this technology.
For instance, the Senate Committee on Banking, Housing, and Urban Affairs on February 6 heard about the state of cryptocurrencies about regulation by both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
In that submission, it became clear how each committee treats ICOs, cryptocurrencies, and blockchain. CFTC Chairman Giancarlo, for instance, alluded to the need for regulation, but called for the need to first “learn everything”. He also said it was needful to educate consumers regarding cryptocurrency noting that there is “no one agency has direct authority over virtual currencies”. According to him, it is necessary to balance between exercising legal authority over virtual currency derivatives.
Read more here: Regulators Are Looking at Cryptocurrencies More Favorably but Cautiously
