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Bitcoin’s price continued its bullish rout today also; the bullish sentiments are intensified at or near the $8,136 mark. While the regulatory framework in the crypto avenue has been lingering from a long time ago, from the SEC deciding Ethereum is not a security to how it goes after ICOs, it’s a legal grey area that will take many months (and years) to resolve. Market manipulation, tech entrepreneurs getting into Bitcoin early, and the impact Bitcoin futures had on the market, it would take a lot to see a huge rebound in Bitcoin in 2018. For now, we could foresee more bullish rout on the cards in the days to come.
The US chamber of commerce insists on the SEC to regulate Initial Coin Offerings (ICOs). The Chamber requested the SEC to broadly consider the new inventions in FinTech gamut. On the same matter, the Commodity Futures Trading Commission was also requested as well, with the report stating: “For cryptocurrency that is a future, we urge the Commodity Futures Trading Commission (“CFTC”) to provide more guidance and broadly consider expedited no-action letters.”
Zug, Switzerland, June 28, 2018 – PwC’s strategy and consulting division, in collaboration with the Crypto Valley Association (CVA), a not-for-profit established to foster the growth of the blockchain ecosystem in Switzerland, has launched the June 2018 edition of their quarterly reports on the global Initial Coin Offering (ICO) market.
The report provides a comprehensive overview of ICO activity globally, while exploring key shifts in the space since 2017. It also presents an insight into regulatory developments in key blockchain hubs such as Switzerland, the United States, and Singapore and examines emerging trends in smaller jurisdictions globally. It concludes by examining how ICOs are disrupting the world of traditional finance.
In an official announcement, G20 came up with a stance on cryptocurrencies: “Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering, and terrorist financing. Crypto-assets lack key attributes of sovereign currencies. While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant.”
FSB chair, Mark Carney had also mentioned the G20 that cryptos didn’t pose any risk to the global financial framework. Despite the G20’s position, the group recognized the need for a more robust and standardized framework for cryptocurrency AML oversight. Contemplating all these recent developments on the regulatory frameworks of the industry across the globe, a paradigm shift is expected in this segment.
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