The SEC testimony before the US Senate released

The SEC and CFTC aim to increase clarity and fairness in the cryptospace with their testimony for today's hearing
06 February 2018   618

Today is a big day for crypto in the US, because SEC will present its testimony about cryptocurrencies and their regulations before the US Senate. And the testimony was released on the Senate's website, which allows us to review the document and draw our own conclusions.

Of course, everything comes down to regulations and their scope. US Commodity Futures Trading Commission (CFTC) opts for changing current state of affairs with state-by-state licensing of crypto exchanges as money-transmission services. While the Commission doesn't have any regulatory powers, their stake is mainly in investigatory powers, to allow for SEC and CFTC lawfully extend their reach to exchanges for proper inspection, because as of now the exchanges' status as money-transmission service providers doesn't allow that.

The CFTC chairman also pointed out that they are open for discussions with the Congress whether further federal regulations are appropriate or necessary. Chairman J. Christopher Giancarlo expresses his opinion that he may be in favor of such regulatory and policy efforts to bring clarity and fairness to cryptocurrency space.

We'll have to wait and see, what decision Senate will come to.

2k Confiscated BTC Created Issue for Finland Authorities

Authorities of Finland had faced bureaucratic problems while trying to handle seized crypto coins
20 February 2018   11

Finland is trying to solve confiscated Bitcoin storing issue. This is reported by Bloomberg.

The crux of the problem is that authorities handling the coins won’t be able to store them on virtual currency exchanges due to bureaucratic problems. They have to store them offline. This is said in the documents, seen by the Bloomberg.

Most of the coins have been confiscated in raids conducted since 2016. There is no info how the coins were stored until now.

The official guidelines states that Finland authorities can’t treat Bitcoin or its crypto competitors like a currency. It’s an asset that, as a rule, can’t be used or accepted as a means of payment or as an investment, according to the Treasury document.

Cryptocurrencies seized by the Finnish state can be converted into euros after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges, which can be untrustworthy and opaque, the Treasury said.

Finnish state can convert seized crypto to euros only after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges the Treasury said.