Solidus Digital Assets Trade Surveillance and Regulation News Briefing | December
Everything you need to know from the past few weeks: Globally, governments tighten definitions of digital assets to prevent legal confusion; SEC enforcement action leads to $2.7 million fine; Crypto users doubled in 2018; Trump’s new Chief of stuff is pro-crypto
Regulation and Legislation News
Today, two U.S. congressmen introduced a bill that seeks to put on paper much needed definitions regarding digital assets, provide boundaries but also wiggle room to allow innovation.
In the second digital assets primer released by the CFTC, focusing on Smart Contracts, the agency “points out that smart contracts are subject to existing laws” — adding to increasingly prevalent instances of traditional financial regulation being applied to digital assets.
Our take: Governmental efforts to better define digital asset regulation are intensifying worldwide. Wherever you look, regulation is coming, in the form of new crypto-specific law, or based on existing finance rules.
Texas District Attorney is indicting the CEO of a Dallas-based cryptocurrency firm for defrauding investors our of $4 million, with criminal charges pending and a potential 120-year prison sentence.
The British FCA, reportedly, is investigating 50 cryptoasset businesses for operating unregulated financial businesses. U.S. authorities are currently investigating at least 250 digital asset firms.
Our take: With enhanced regulation comes enforcement that’s harsh but still relatively forgiving. Regulators are signaling to the market that actors that don’t work towards self-regulation and compliance, will pay a heavy price.
Blockchain and Digital Asset Ecosystem Growth News