In accordance with the comments made at the conference of Consensus 2018 in new York, U.S. regulators continue to explore cryptocurrencies and ICO, but not seek to suppress this industry.
According to their representatives, they do not intend to discourage innovation or «over-regulate» the cryptocurrency, based on the technology of the blockchain, but should «strongly discourage fraudulent» schemes with a part of these innovations.
So representing the Commission on trade commodity futures (CFTC) James McDonald and head of the Department for combating cybercrime of the Commission on securities and exchange Commission (SEC) Robert Cohen said that their agencies adhere to the «open door policy» concerning those who are trying to start selling tokens.
«The SEC is open for discussions with people from the cryptocurrency industry to discuss ideas and new developments in this area. The Commission is ready to productive dialogue about the development of new technologies and encourages ways to increase capital. We do not seek to regulate the technology – we handle the financial industry and markets,» said Cohen.
«Our goal is to promote sustainable financial markets and, as a regulator, we understand that it requires some flexibility. We do this so that not to interfere with innovation,» confirmed McDonald.
According to the Deputy attorney General, Sujit Raman, a priority for the Ministry of justice is to ensure the safety of people.
«One of the problems in the digital space is large sums of money that flow through the market without touching financial institutions. From the point of view of national security or the fight against money laundering, this is something that you need to pay attention. Cryptocurrencies have a lot to do with it. The lack of regulatory clarity related to the sales of tokens, the biggest obstacle in regulating this industry,» he said.
According to the Director for strategic planning of the exchange Bittrex Kieran Raja, the main idea that the cryptocurrency community would like to convey to regulators, is the need for certainty in their approaches.
«Mostly we hear about the fraud. I agree, we don’t want it present in the industry. The problem is how to interpret the rules and apply them to their activities when she is far from what the fraudsters are doing?», he said.
To resolve such issues MacDonald called for cooperation with other agencies. To which Cohen replied that the SEC issued guidance on the tokens, saying:
«The main problem of the market participants to determine whether they are covered by tokens, which they offer, under the concept of «securities» or not. The Commission issued guidance on this issue. If the company or individual in good faith compliance with the laws in this area and cooperate with the regulators, we will protect them, he said. Otherwise, we have to take action».