Representatives Of The Crypto-industry And US Lawmakers Discussed The Regulation Of Digital Currencies
Representatives of more than 45 Wall Street companies and cryptocurrency projects took part in the round table in the US Congress in Washington on Tuesday, September 25, devoted to the discussion of digital currencirs and ICOs regulation issues.
The purpose of the meeting was creating a register of problems with regard to the definition of ICO tokens, as well as forming a regulatory framework for the crypto-industry.
Marvin Ammori, General Advisor of the blockchain startup Protocol Labs, stressed that there was a whole cascade of uncertainties associated with the existing classification of tokens. As an example, he mentioned the problems of decentralized file storage Filecoin, which is being developed by Protocol Labs. At the time of its launchingt the team was sure that its tokens would receive the status of securities. However, it did not happen.
The discussion was joined by the President of the Chia Network Ryan Singer. He pointed out uncertainty of Ethereum’s status. He recalled the decision of the SEC, according to which the second capitalization cryptocurrency could not be regulated as a security. Singer also stressed that the industry lacked clear boundaries, allowing to determine a sufficient level of decentralization and functionality of projects.
Operating Officer at Andreessen Horowitz Hillary Kivitz assumed that the ICO tokens can be considered as securities. She also proposed the definition of common tokens, noting that the financial incentives associated with them should be consistent with the interests of all project participants.
Other participants of the meeting drew attention to the inconsistency of vague regulations to the realities of the actual state of affairs in the cryptocurrency industry. Thus, CEO of the blockchain startup Harbor, Joshua Stein, noted that the securities regulations did not work with the utilitarian tokens of decentralized applications and the ICO industry as a whole.
The representative of the US Chamber of Commerce Kate Prochaska said that it was necessary to coordinate regulation, create a channel of interaction with regulators and form clear definitions for all concepts in the cryptocurrency environment.