US Congressman ICO Regulation Invites Kraken, NASDAQ and Ripple To Discuss Crypto Tokens Legalities
US Congressman Invites Kraken, NASDAQ And Ripple To Discuss Crypto And ICO Regulations
Regulatory agencies and countries are trying to regulate virtual currencies and Initial Coin Offerings (ICOs). The main intention is to have a market with clear rules, with investors that are protected against scams, and companies that comply with anti money laundering (AML) and know your customer (KYC) policies.
This time, during an interview with Axios, the U.S. Congressman representing Ohio, Warren Davidson, said that he would invite important players from the crypto world to discuss about possible regulations to ICOs.
The congressman decided to invite over 32 different leaders that play an important role in the cryptocurrency space. We can mention companies such as the famous Intercontinental Exchange (ICE), NASDAQ, Kraken, Harbor, CME Group, Circle, Union Square Ventures, Ripple and Coin Center.
The discussion gathering the most important players in the market will be held on September 25, 2018 at Capitol Hill. The meeting will take place close to the date in which the U.S. Securities and Exchange Commission (SEC) will make public its decision on whether to approve a proposed Bitcoin Exchange Traded Fund (ETF).
It is important to mention that the Congressman’s office has been giving information about he plans on the US Securities and Exchange Commision. One of the main intentions is to present and introduce a new bill on the topic of cryptocurrencies later this year.
For the Congressman, ICOs need just ‘light’ regulations. The truth is that if they have this regulations they would be able to spread, growth and innovate and, at the same time, be compliant with the current legal framework created by regulatory agencies and the government.
Indeed, the lack of regulations is a problem. Companies do not know their obligations and rights, something that happens for individuals as well. The market has become risky and unsafe for investors and other companies. In this way, scam ICOs and other fraudulent activities and schemes have emerged and damaged, not only users and investors, but the whole crypto ecosystem.
Additionally, the U.S. Congressman associated virtual currencies with criminals. He said that they can be easily transferred and distributed. But, he marked that virtual currencies have an advantage compared to cash: they can be easily traced compared to cash.