Home Alt Coins SEC Report: Examining Cryptocurrency a Priority in 2019

SEC Report: Examining Cryptocurrency a Priority in 2019

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The Office of Compliance Inspections and Examinations (OCIE) of the United States Securities and Exchange Commission (SEC) listed the cryptocurrency market as one of many six focus factors of its compliance monitoring actions for 2019.

Spotlight on the Cryptocurrency Market

According to a report titled “2019 Examination Priorities,” OCIE says it plans to shine the highlight on the goings-on in the cryptocurrency. An excerpt from the report regarding cryptocurrencies reads:

Given the numerous development and dangers offered in this [the crypto] market, OCIE will proceed to observe the provide and sale, buying and selling, and administration of digital property, and the place the merchandise are securities, look at for regulatory compliance. In explicit, by high-level inquiries, OCIE will take steps to establish market members providing, promoting, buying and selling, and managing these merchandise or contemplating or actively searching for to supply these merchandise after which assess the extent of their actions.

To this finish, the OCIE plans to look at the actions of corporations working in the digital asset market. This examination will cowl sale, buying and selling, in addition to the administration of cryptocurrency property. The OCIE additionally plans to pay explicit consideration to cryptos deemed to be securities.

Commenting on the method for 2019, Pete Driscoll, Director of the OCIE, said:

OCIE is steadfast in its dedication to guard buyers, guarantee market integrity and help accountable capital formation by risk-focused methods that enhance compliance, stop fraud, monitor danger, and inform coverage.

Identifying the digital forex market as a precedence isn’t a new growth for the OCIE. Back in 2018, the rising market additionally shaped a part of the OCIE’s agenda. However, the mandate for 2019 seems to be an extension of the purpose for final yr, which targeted totally on danger and safety.

Too Much Regulation?

The enlargement of OCIE’s deal with digital property comes at a time when U.S. Federal Lawmakers are attempting to establish a separate regulatory ambit for cryptocurrencies. Some commentators really feel the SEC is over-regulating the trade, slowing the speed of innovation in the nation with regard to digital property.

In December 2018, Reuters reported that members of the GOP have been pissed off with the management of the SEC over their stance on most ICOs being securities. This new report from the OCIE increasing its examination focus would possibly exacerbate such considerations. Meanwhile, for the SEC, the Commission continues to state that strict legal guidelines create a safer market.

What do you consider the SEC’s deal with cryptocurrency in 2019? Let us know your ideas in the feedback under!

Image courtesy of SEC.gov, Shutterstock

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