Crypto Digest #20: Sit down, the regulators have to talk with you about those cryptos

Today we have heard some important news from the regulators, including CFTC and SEC in America, the Deputy Prime Minister of Singapore and the General Manager of the Bank for International Settlements. Sit back, relax and enjoy today’s summary of the important crypto news.

SEC and CFTC Hearing: More Legitimate ICOs or "If There Was No Bitcoin, There Would Be No…

The CFTC and SEC hearing on crypto oversight

• The Commodity Futures Trading Commision (CFTC) and US Securities and Exchange Commision (SEC) had a hearing regarding the oversight of cryptos and ICOs and their roles in the process.
• Yesterday the chairman and witness of the CFTC J. Christopher Giancarlo noted that digital currencies will “likely require more attentive regulatory oversight” but concluded that the SEC and CFTC should leave cryptos room for growth.
• Jay Clayton, the chairman of SEC stated a more cautious standing on cryptos. According to his statement “those who invest their hard-earned money in opportunities that fall within the scope of the federal securities laws deserve the full protections afforded under those laws”.
  Cointelegraph noticed that Giancarlo mentioned the word “ICO” only once in his testimony, while Clayton mentioned it 132 times during the pre-hearing.
• During today’s hearing, the overall tone of CFTC and SEC remained differentiating, without harsh or generalizing tones. Both parties distinguish the distributed ledger technology (DLT), cryptos and ICO. They encourage the innovation and expansion of the DLT. At the same time, SEC will keep a watchful eye on fraudulent ICOs and cryptos.

Singapore Confirms It Will Not 'Ban' Cryptocurrency, Has No 'Risk Concerns'

Singapore doesn’t plan to ban cryptos

• The Deputy Prime Minister of Singapore Tharman Shanmugaratnam commented that the government doesn’t have plans to ban cryptocurrencies.
• “For now, the nature and scale of cryptocurrency trading in Singapore does not pose risks to the safety and integrity of our financial system” stated Tharman Shanmugaratnam.
• Among Asian countries, China and Indonesia are strongly opposing cryptos, South Korea and Japan have rather crypto friendly environments and India was falsely rumored to ban cryptos but instead leans towards considering them as assets.

Major banking organization savages bitcoin as 'a bubble, Ponzi scheme and an environmental…

General Manager of the Bank for International Settlements (BIS) Condemns Crypto

• Augustin Carstens, General Manager of the BIS doesn’t hold back with his charge at cryptos.
• During his lecture in Frankfurt, he told that Bitcoin “has become a combination of a bubble, a Ponzi scheme, and an environmental disaster” and that authorities should act to protect customers from money laundering and criminal activities.
• On the related note: According to the recent research less than 1% of Bitcoin transactions are involved in money laundering and illicit activities (source: The Foundation for Defense of Democracies’ Center of Sanctions and Illicit Finance and blockchain analytics company Elliptic).

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