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Wall Street Journal Report: SEC Is Examining Cryptocurrency Market

Mar 01, 2018 Posted /  6896 Views

Wall Street Journal Report: SEC  Is Examining Cryptocurrency Market

As per wall street journal reports published on 28th February, the Securities and Exchange Commission of US has initiated an investigation into cryptocurrency business.  A hidden source reported WSJ that the regulatory agency has an anonymous number of subpoenas and information requests to advisors and technology organizations currently active in the USA.

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The regulatory agency demands to look into the structure of sales and pre-sales for Initial coin offerings. The agency believes that ICOs do not fall under heavy scrutiny as public offerings.  The SEC has increased pressure on the investigation which indicates towards enhancing in number of ICOs violating security rules.

The chairman of SEC, Jay Clayton promised to increase scrutiny on the organizations with “capitalize on the perceived promise” of an increased stock value along with an investment in virtual tokens and Blockchain technology. Recently, SEC has suspended several companies due to an unclear establishment with crypto business.

While the US federal agencies are concerned about crypto business, the legislation has been passed to loosen up certain controls on virtual tokens.

The state of Wyoming is opting for laissez-faire approach where it will exempt tokens from security regulations on following a certain set of requirements. Another bill was proposed by Wyoming which aims to exempt cryptocurrencies from property tax. The bill is under consideration of US tax law.

In the state of Arizona, a bill has been passed to accept digital coins in the form of payment of taxes and license fees. If accepted, Arizona will be coronated as the first state to accept virtual tokens as a mode of payment by government organizations.

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Tags: Cryptocurrency Market Exchange

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