Cryptocurrency U.S 26 Jun 2018
US official urges Congress to pay attention to privacy cryptos, calling for the evaluation of the potential legal actions on this class of digital currencies.
26 June, AtoZ Markets – Earlier last week, the official from the US Secret Service have urged Congress to evaluate potential legislative actions on cryptocurrencies that have privacy-aimed features.
The deputy assistant director for the Service's Office of Investigations, Robert Novy, has delivered a speech for the US House of Representatives Committee on Financial Services. He has stated that "congressional attention" on the issue is necessary,
He has added:
"We should also consider additional legislative or regulatory actions to address potential challenges related to anonymity-enhanced cryptocurrencies, services intended to obscure transactions on blockchains (i.e. cryptocurrency tumblers or mixers) and cryptocurrency mining pools.”
Mr. Novy did not mention any specific privacy-focused coins. However, the US officials have highlighted some concerns in the past. During the January of last year, a special agent of FBI’s Cyber Division in New York City, Joseph Battagila has mentioned cryptocurrency Monero as one of the cryptos that have been singled out by officials.
As per the online reports, it is quite unlikely that lawmakers can move towards making any specific steps in regards to the regulations any time soon. However, Mr. Novy has urged that the officials keep the issue as a priority.
He has noted:
"As such, continued Congressional attention is warranted to ensure law enforcement agencies maintain lawful access to critical sources of evidence, regardless of where, or in what form, that information is stored.”
Earlier this June, the President of CBOE Global Markets has claimed that the Initial Coin Offering (ICO) market might soon face a two-fold regulatory “reckoning.”
According to Chris Concannon, the ICO market regulatory reckoning will emerge in two steps. Firstly, the key financial securities markets regulator of the US, the US Securities and Exchange Commission (SEC) will categorize ICOs as unregulated securities. In this case, the investors’ holdings would be “rendered valueless.” This also would consequently cause the second step to kick in.
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