Last Friday, the SEC announced that it will host "a public forum focusing on distributed ledger technology (DLT) and digital assets" at the SEC's Washington, D.C., headquarters on May 31, 2019. According to the press release, the forum is being organized by the SEC's Strategic Hub for Innovation and Financial Technology (FinHub), and is "designed to foster greater communication and understanding around issues involving DLT and digital assets." The event will be open to the public and will be webcast live on the SEC's website. In another notice published last week, the SEC addressed the challenges associated with "whether and how characteristics particular to digital assets affect compliance with the Custody Rule." The notice included a list of questions on which the SEC is seeking industry input.
In Canada, the Canadian Securities Administrators recently issued a report addressing regulatory frameworks for platforms that "facilitate the buying and selling of crypto assets and perform functions similar to one or more of exchanges, alternative trading systems (ATSs), clearing agencies, custodians and dealers." Also this week, the Swiss legislature approved a motion that would allow certain existing legal frameworks to be applied to cryptocurrencies in order to help protect against risks such as money laundering and unsupervised market activity.
Last week, the American Bar Association published a white paper that seeks to provide "a comprehensive explanation of federal and state laws that may apply to the creation, offer, use and trading of digital assets in the United States, along with summaries of key initiatives outside the United States." Another recent white paper published by the Brookings Economic Studies program addresses perceived gaps in the regulation of "crypto-assets" and makes recommendations for U.S. congressional action.
For more information, please refer to the following links:
- SEC Staff to Hold Fintech Forum to Discuss Distributed Ledger Technology and Digital Assets
- Engaging on Non-DVP Custodial Practices and Digital Assets
- Proposed Framework for Crypto-Asset Trading Platforms
- Canada Proposes Regulatory Framework for Cryptocurrency Exchanges
- Swiss Federal Assembly Approves Instructions on Cryptocurrency Regulation
- Digital and Digitized Assets: Federal and State Jurisdictional Issues
- It's Time to Strengthen the Regulation of Crypto-Assets
- Report From Former CFTC Chairman Calls for Advanced Crypto Regulations
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