US authorities plan to regulate cryptocurrency market

The head of the financial department of the Securities and Exchange Commission, William Hinman, considers blockchain an extremely promising technology. He noted that initial coin offerings are an important way for alternative businesses to do business.

Фото: Depositphotos

According to RBCThe US Securities and Exchange Commission (SEC) is determined to take “balanced measures” regarding the ICO and the cryptocurrency market as a whole. This was told by the Director of the Department of Finance Department William Hinman during the hearings in Congress.

He called the blockchain technology extremely promising, and the projects on the initial placement of tokens are an important tool that helps the development of an alternative way of doing business. Hinman added that it is impossible to hold an ICO without selling securities, this area should be regulated in accordance with current legislation. However, some congressmen took the opposite position.

The representative of the Democratic Party of the US House of Congress Brad Sherman said he did not support the financial regulator in this matter. He believes that digital money has a negative impact on the economy of the state, and ICO should be banned, since they do not suggest the possibility of the emergence of new jobs, as is the case with an IPO. He added that he did not mean the blockchain technology ban.

At the same time, Tom Emmer, representing the state of Minnesota, stated the importance of developing this area. He added that not all tokens obtained as a result of ICO can be considered securities, because users can purchase them not for the purpose of investment or profit, but in order to use them in a particular system on the blockchain.

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