Players in the crypto industry in the United States of America have seen an increase in the numbers of crypto regulation from the state and federal government.
These new regulations seek to look into the development of the crypto market and the acceptance nationwide of the tenability of those digital currencies.
In previous times, the regulations always were released by each agency without recourse to others but now, it seems there is a deepened level of collaboration between the government agencies on how the crypto regulation process should go.
For example, the Office of the Comptroller of Currency recently gave an explanation to financial houses like banks and the federal savings association on why they should accept stablecoins from their customers. This explanation was further used by the Securities and Exchange Commission’s (SEC) Strategic Hub for Innovation and Financial Technology (FinHub) in their statement which says that market players can structure their sales of digital assets in a way that it wouldn’t constitute to be a security, thus it wouldn’t be needing the implementation or the specification of any federal security laws.
Heath Tarbert, the chairman of Commodity Futures Trading Commission (CFTC), had also expressed the interest of his commission in working with SEC on how to plan crypto s regulation that would not overlap with each agency’s mode of operation or interest.
Why the sudden rush for crypto regulation collaboration?
With most human endeavors going totally digital, it has become imperative for government agencies to accept that digital currencies have disrupted the the cart and that the financial world is no longer as it used to be again.
This, coupled with the fact that financial technologies have the potential of creating an industry convergence plus it being not limited to any border has taken away all of the allure that physical cash, cheques and even card transactions have.
Today now, there is need, more than ever, for crypto regulation to provide for clarity and certainty in the digital asset market.