U.S. Department of the Treasure Calls for Global Crypto Regulation

The U.S. Treasury's Office of Terrorism and Financial Intelligence called on the international community for cryptocurrency regulations in order to protect the financial system  
14 February 2018   617

According to the U.S. Department of the Treasure’ statement, Sigal Mandelker, the Under Secretary, told the Securities Industry and Financial Markets Association Anti-Money Laundering and Financial Crimes Conference that terrorists and others use cryptocurrencies to "exploit the financial system”.

Sigal Mandelker stated that there is a lack of international regulation of cryptocurrencies.

The lack of AML/CFT regulation of virtual currency providers worldwide greatly exacerbates virtual currencies' illicit financing risks. Currently, we are one of the only major countries in the world, along with Japan and Australia, that regulate these activities for AML/CFT purposes. But we need many more countries to follow suit and have made this a priority in our international outreach.

Sigal Mandelker

Under Secretary of Treasury’s Office of Terrorism and Financial Intelligence

She went on telling about cybercriminals, computer hacking and ransomware, fraud, identity theft, tax refund schemes, public corruption and drug trafficking.

Sigal Mandelker encouraged regulators to "supercharge" their efforts to prevent financial crime and protect national security. She believes that companies must take measures in order to prevent money laundering.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   183

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.