The growth of popularity of Bitcoin and other digital currencies would be reasonable that the US government has created a new Supervisory body to monitor them.
To such conclusions they came to “The New York Times” after the heads of the Commission securities and exchange Commission (SEC) and the Commission on commodity futures trading (CFTC) discussed the problem of regulating the cryptocurrency.
There is one big problem: no one Agency has no experience in monitoring virtual currencies, and there is a need to establish rules for effective oversight.
In addition, Jay Clayton, Chairman of the SEC, believes that cryptocurrency trading platform, calling themselves “exchanges” that give investors a false sense of security, as people believe they are governed by both the new York stock exchange and the Nasdaq.
Users of the cryptocurrency platforms “don’t get many guarantees of safety in the market, which provide the traditional exchange,” said Clayton.
John. Christopher Giancarlo, Chairman of the CFTC, said that while his Agency regulates the futures contracts associated with cryptocurrencies, as well as firms engaged in transactions with, under the jurisdiction of the CFTC do not enter markets, or platform, as well as “transactions in virtual currency and users of cryptocurrency exchanges”.
This is bad news for investors, especially given the fact that some exchanges were victims of large thefts from customers ‘ accounts. For example, the Italian exchanger BitGrail last week reported that the Nano tokens are worth about $ 170 million was stolen through an unauthorized transaction. Japanese Coincheck has suffered in January, when hackers stole $ 530 million from the accounts of investors.
Although thieves can be prosecuted in the United States, the chances of detection of minor criminals, as most of the cryptocurrency exchanges are not in the USA.
The Times believes that “the regulation of stock exchanges will be an important step towards providing at least some protection for those who buy and sell crypto-currencies”.