USA Congress Pushes Regulators To Explain Cryptocurrency Laws

Cryptocurrency and blockchain have been two great leading technologies that have taken over the world by storm, being revolutionary and having several applications in different areas. But also because of this, regulators and government have been put in a tight spot when it comes to applying current regulations to these disruptive technologies, creating a regulatory chaos. This is what has happened in the USA, where the classification of cryptocurrencies has been a difficult subject to approach by the Congress, by the SEC (Securities and Exchange Commission) and also by the CFTC (Commodity Futures Trading Commission).
The mess is so accentuated right now that even the US Congress had to get its hands on if to achieve a clear explanation about what cryptocurrencies really are: securities, commodities or any other thing. Fifteen congressmen sent a letter directed to SEC chairman Jay Clayton to clarify on these subjects that the Congress needs to have well defined if they are going to write cryptocurrency specific laws in the future.
The latest actions from the cryptocurrency startup and exchanges leader are clear, and they also went to the Congress this same week to ask for regulations to let them work in the industry without having to fear any other government action. In fact, some even talked about the enterprise exodus that this lack of regulations and clear rules could have in the country. And it shows: many Initial Coin Offerings do not permit American citizens to participate and invest in them.
The letter asks for the SEC to give clarity on these issues but does not enforce or even suggest a determined date to give this information to the Congress. In fact, the same letter admits that these definitions could take some time to be resolved. But the truth is that these regulations are already late and should have been defined and enacted long ago.
USA is losing traction when it comes to ICOs and cryptocurrency startups, and the more time that they spend debating and not legislating, the more than this industry will leave them behind.

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