U.S. Securities and Exchange Commission makes cryptocurrency a priority
The Office of Compliance Inspections and Examinations (OCIE) released their newest report, which stated the Securities and Exchange Commission (SEC) is making examination of digital currency a priority.
The OCIE will monitor retailers and investors who offer, trade, manage or sell cryptocurrency. This also includes retailers, firms and other businesses actively considering using digital assets. If digital assets are deemed as securities, the OCIE’s goal is to create and initiate a compliance procedure.
Notably, the OCIE’s 2018 report stated that while cryptocurrency and digital assets were a priority of examination, the goal was to ensure safety and security, as well as providing information of risks on digital assets, whereas the 2019 report stated cryptocurrencies will be looked at as digital assets, which clearly shows that the regulations are already in place, and the U.S. government has no doubts as to how to classify crypto.
The U.S. is currently facing a government shutdown until further notice. Due to this, the SEC and its sectors are operating with limited resources and capacity, meaning all examinations are also limited.
Other countries’ governments have begun looking into the regulations of the blockchain and cryptocurrency as well. For example, Italy recently announced a list of 30 blockchain experts, which will be joining the government in order to implement blockchain integration on a state level.