SEC’s News Resolution? To Give More Attention to and Make Policy With Emerging Crypto Assets
It has been a year of interesting developments for the United States and its Securities and Exchange Commission. And with this year comes a new approach towards digital assets, or what we know by its more common name – Cryptocurrencies.
The commission has since changed its approach with the assets, deciding instead to dig deeper into their future inclusion in the market. As of late 2018, the Commission has revealed that it intends to focus its attention on other markets, and cryptocurrencies have made it onto the list.
Among the countless developments that have happened involving and tangentially related to the cryptocurrency world, there is far likely to be more good news in store for the various digital assets as 2019 edges close.
Some examples of this include acts such as the Token Taxonomy Act, which opens up the door to a broad redefinition of Digital Assets and their place in the investing world, leaving them to gain more attention from institutional companies and subsequent investment.
While this new bill is still in its very early stages, it sets an incredible precedent for those otherwise feeling bullish about the market for this coming year.
There's a general optimism, which surrounds cryptocurrencies, and there is every prospect that they will gain more institutional interest in 2019, with the SEC being a power in its own right for ensuring their inclusion. While this is a possibility, SEC chairman, Jay Clayton has otherwise been quite silent about the likes of Ethereum and Ripple, there is still quite a lot of optimism.
The Token Taxonomy bill might provide some relief to those concerned about how 2019 will unfold. Specifically, it shed some positive light on XRP and may very well be listed on major exchanges that were otherwise holding back cryptos due to the need for regulatory clarification.
Along with the potential passage of this bill, the SEC's recent announcement via its website and social media has given the cryptocurrency community some serious hopes that there would be a very major change in the winds for digital asset inclusion, as well as the very real chance that a Bitcoin Exchange Traded Fund could become real.
In a very recent press release published by the Securities and Exchange Commission, it stated:
“Office of Compliance Inspections and Examinations (OCIE) publishes its exam priorities annually to promote transparency of its examination program and provide insights into the areas it believes present potentially heightened risk to investors or the integrity of the U.S. capital markets.”
The Commission went on to further state:
“This year, particular emphasis will be on digital assets, cybersecurity, and matters of importance to retail investors, including fees, expenses, and conflicts of interest.”
Along with the statements made by the SEC, ICE's Bakkt, the parent organization to the New York Stock Exchange, is getting set for a launch on Jan 24th, 2019 may also see this date brought forward depending on the level of friction it faces from relevant regulatory agencies.
Along with cryptocurrencies facing a far higher level of legitimacy in the eyes of institutional investors and increasing stability thanks to this, 2019 could very well be the year that sees financial bodies like banks and trading organisations get thoroughly involved in the adoption of cryptocurrencies.
Major thinkers in the industry have already provided their insights into what this may represent.
Such examples include Thinking Crypto, which added:
“What would certainly help is if there were more clarity for the cryptocurrency market, while also seeing more approval for the likes of the Van Eck and CBOE Bitcoin Exchange Traded Funds. We shouldn't let the US get left behind in the resultant boom that we're seeing internationally thanks to cryptocurrencies and blockchain technology.”
Crypt O commented:“Man you guys might wanna slow down before you break the sound barrier or something.”