Brian Quintenz, a commissioner with the CFTC, says the best approach to policing the new crytocurrency companies is for the industry to consider adopting self-regulatory standards and industry-wide best practices while government agencies mull over how best to regulate and police this relatively new space. While Mr. Quintenz opinion was solely his and not that of the CFTC, his comments to reporters came before a daylong meeting in Washington on Wednesday, February 14th whose goal is to try to balance the use of new technologies, like blockchain at the same time keeping the markets healthy and fair for investors.
The agenda included both government officials and private sector experts with the agenda promising debates on blockchain, automated trading, and virtual currencies among other technology topics.
Many participants in the public meeting commented on how to differentiate between cryptoassets and associated technologies. Regulation regarding crytoasset exchanges was also discussed as an area needing further regulation.
At the end of the virtual currency segment, the Technical Advisory Committee voted unanimously to recommend that the CFTC create a separate subcommittee for the crytocurrency asset class.
We will update you as rules and regulations are developed and rolled out. If you have questions or concerns regarding cryptocurrency, feel free to call Mike at 630-351-8942 or email mike@cogcpa.com.