During the last week, several crypto and non-crypto businesses, alongside lawmakers, called for further crypto regulation. The meeting might take place in the fall, where leaders from different industries and regulators would discuss new legislative policies. At the same time, IBM and SEC representatives independently called for further improvement on blockchain legislation.
Due to the sheer size of the US cryptocurrency industry, changes might create a ripple effect in other countries as well.
A Call for Improved Crypto Regulation
In the wake of a growing blockchain industry, US lawmakers, large businesses, and crypto representatives have called for talks regarding crypto regulation. According to the reports, Rep. Warren Davidson will host a roundtable for all parties involved. The event, appropriately named “Legislating Certainty for Cryptocurrencies“, should take place sometime in the fall of this year.
Industry leaders will sit down with lawmakers and discuss Davidson’s new bill for the House of Representatives. Confirmed members are Ripple, Coinbase and Circle, representatives from Fidelity, Andreessen Horowitz, Nasdaq, and the U.S. Chamber of Commerce. With questions already set, the attendees will seek to improve the proposal regarding ICOs, private funding disclosures, and token issuance laws. It seems the new lobby group is already putting efforts into improving the market’s legislative framework.
Read more at: https://coinedtimes.com/crypto-lobbyists-in-washington/
Apart from the new bill discussion, SEC and IBM independently called for further analysis and regulation of the blockchain industry. On the side of authorities, SEC monitors crypto markets with a keen eye. However, there are no standardized policies in place, pushing the organization to make decisions on a case-to-case basis.
Additionally, IBM published a report dubbed “The Impact of Blockchain for Government: Insights on Identity, Payments, and Supply Chain”. The company expressed opinions on the crypto funding and regulations. Due to the huge potential, legal framework is needed, as well as support for crypto businesses.
Potential Worldwide Effects
There is a need for regulations, bills, and policies that would help government agencies, SEC included, in governing the volatile market. If properly designed and implemented, the new bill would define what makes a crypto business legitimate. Innovative projects would get needed support in terms of funding while SEC could stop illicit activity early on.
Thus, if implemented, other countries might follow suit as well. The U.S. is one of the largest crypto markets in the world. It can push other governments to take action and design their own policies regarding the blockchain market.