In our Blockchain news today, Massachusetts, a region that has led the crackdown on the digital asset industry, is now looking to extend an olive branch into the Blockchain sector.
As per the report, a new working association in the Commonwealth of Massachusetts initiated by the chief securities regulator of the state is looking to clear some of the regulation of the Blockchain sector for innovators. This olive branch could not have come at a better time than now as Western states in the U.S. embrace Blockchain innovation. Right now, Congress is inches closer to pass a crypto-friendly regulation to law.
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Massachusetts Has Aggressively Tackled the Issue of Bad Actors in the Space
In recent years Massachusetts has launched crackdowns on bad actors in the sector. Especially on ICOs.
Regulators in the state haven’t made it simple for Blockchain entrepreneurs. Officials of the state government have kept BTC and other cryptos at arm’s length. They have done this by attempting to discourage investors and highlighting the risks of joining the market. They also do this by cracking down on the companies operating in the states Blockchain space.
William Galvin, the Secretary of the Commonwealth, has taken an admittedly aggressive stance towards ICOs. The Commonwealth is the number one securities regulator in the state. It has been the well-oiled machine behind the crypto regulatory crackdown.
Fintech Working Group Designed to Help Crypto Startups Understand Securities Regulations
Locals can rest because a new working group has been created by the office that has cracked down on cryptos has been launched. The Fintech Working Group is designed to help startups grasp securities laws. Its initial focus will be on crypto assets. Blockchain firms should be able to gain clarity regarding the state’s regulations regarding securities.
The group’s secret weapon is Sharon Goldberg. Goldberg is the founder and CEO of Arwen. Arwen is a Boston-based crypto security firm. She is now using her influence to provide tech innovation with a fighting chance in the current climate.
According to Goldberg, an environment among cryptocurrency innovators is the state of Massachusetts. It is infused with fear because the builders in the space are not certain about the rules.
Arwen was previously called Commonwealth Crypto. The company is making it more secure for users to convert crypto at exchanges even if the said platform has been hacked. If there’s Goldberg has the power to bridge the gap between the Blockchain sector and Massachusetts securities regulators. The fact that she has now made it into the Galvin fintech working group is a good sign for local entrepreneurs.
Blockchain Innovators are Heading to the East
In the U.S., all states along the eastern seaboard (including Massachusetts and New York), have initiated crackdowns on Blockchain innovation. NY has created a complicated process for firms to get a BitLicense. This has led to launching of startups like ShapeShift leaving New York for greener pastures.
According to ShapeShift’s CEO Erik Voorhees, “finance is moving West,” states like Colorado, Wyoming, and Arizona have begun embracing crypto innovation.
Wyoming has already passed over a dozen blockchain laws. These set of laws provide a clearer regulatory roadmap for Blockchain innovators. This has earned Wyoming the nickname “Delaware of digital asset law.”