In cryptocurrency news today, the United States Security and Exchange Commission (SEC) is partnering with another financial regulator in the country to tackle cryptocurrency regulations among other things. This comes as the SEC endures several criticisms for its handling of XRP security status, the security status of ICO tokens, Bitcoin ETF proposals and its regulatory approach to cryptocurrency in general in the country.
U.S. Securities and Exchange Commission and FINRA Organize Joint Regulatory Compliance Event for Cryptocurrency
The U.S. SEC and the Financial Industry Regulatory Authority (FINRA) will hold a special joint event later this year to address regulatory concerns including discussion about cryptocurrency and cybersecurity.
The U.S. regulators released a joint statement on Tuesday, April 16 announcing a joint Broker-dealer meeting dubbed “National Compliance Outreach Program for Broker-Dealers” which will take place on June 27 in Chicago.
SEC and FINRA wrote:
“The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for their 2019 National Compliance Outreach Program for Broker-Dealers, which will be held June 27, 2019, in Chicago.”
According to the press release, the U.S. SEC and FINRA decided to host the event as an opportunity for stakeholders and key players to dialogue about current compliance practices affecting investors. The SEC’s Office of Compliance Inspections and Examinations, the SEC’s Division of Trading and Markets and the FINRA collaborated to sponsor the event.
The event would be attended by 250 participants comprising representatives from regulars as well as compliance professionals, auditors, senior broker-dealers. Furthermore, the event will be free and allow a maximum of four representatives from each participating firm.
SEC Event will focus on Cryptocurrency
In its announcement, the SEC emphasized some areas of concerns—otherwise regulatory hot topics—to be addressed during the event including cryptocurrency. “The program will focus on insights from leadership, protecting retail investors, and regulatory hot topics such as digital assets and cybersecurity,” SEC said in its statement.
This follows the promise SEC Chairman Jay Clayton made earlier this month to continue to focus on the cryptocurrency sector. In its characteristic manner, the SEC stated that its efforts were “to promote a more effective compliance structure for the protection of investors.”
However, the commission has been accused of over-regulating cryptocurrency in the United States thereby discouraging cryptocurrency investments.
The U.S. SEC and Cryptocurrency Regulation in the United States
One of the notable SEC cryptocurrency regulation criticisms came from John Berlau, a senior fellow at libertarian think tank Competitive Enterprise Institute. According to Smartereum in cryptocurrency news published last week, Berlau said that the U.S. SEC had a “limitless power grab” approach towards cryptocurrency.
He said the “burdensome regulation” of cryptocurrency by the SEC especially around the security status of ICO tokens like xrp security status. Recall that the U.S. SEC released an ICO token framework which did not clarify xrp security status but rather tried to apply Howey Test to ICO tokens.
TechCrunch boss Michael Arrington, a fan of Ripple XRP also condemned SEC cryptocurrency regulation approach as a “total disaster”.
Comment on U.S. SEC Cryptocurrency Regulation and Bitcoin News Now
Tell the bitcoin and broader cryptocurrency community what you think about SEC regulatory approach. What should be done about xrp security status and other pressing regulatory concerns in the country?