Shedding Light on the State of US Blockchain Regulation
November 20 2018 - 12:02PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
November 20, 2018 -- ADVFN Crypto NewsWire -- When you think about
the United States government cracking down on Crypto scams, what
comes to your mind first?
Most likely, given the volume of
news on the subject, the majority of you would say the SEC or
perhaps, the CFTC. Despite this, a significant amount of regulatory
activity is also occurring on a state by state basis. Some are
focusing more on supporting Blockchain innovation, while some may
seem to be focusing more on restricting it.
Given today’s news via Coindesk on
the subject, it would seem that Alabama falls into the second
group. According to their article today on Alabama and Crypto
fraud, this one particular state has issued around 20% of all of
the existing cease and desist orders related to halting Crypto
scams.
More specifically though, the
professed fact that this amounts to only nine orders seems to show
the true weight that the US government is throwing behind such
efforts at this time. With this, it could be said that the supposed
US regulatory crackdown is not as severe as it is sometimes painted
by the media as being.
Still, arguably, to truly regulate
the Blockchain industry, all governments will largely have to throw
out the old ways for the new. The Howey Test and similar frameworks
continue to work for traditional assets. The same cannot be said
with certainty for something like the Blockchain, which is
revolutionary in how it has to offer.
In the end, there is a chance for
Blockchain innovation to be encouraged and not stifled by global
governments. Any shot that we have of this happening depends
centrally on educating our officials on the good of the industry,
so that the scams are not the principal factor in their decision
making. Furthermore, in doing so, they will hopefully see the
benefit of developing new legal frameworks for an industry that is
poised to disrupt just about every other space that
exists.
By: BGN Editorial Staff
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