Contrary to what many assume, this will benefit Bitcoin, which will achieve greater adoption and increase in value according to Shane Neagle in Bitcoin Magazine.
Regulation in the cryptocurrency sector is a fact that sooner or later will be consummated. The CFTC and the SEC are working on it.
he recently said that proper regulation of the cryptocurrency space could have significant positive effects on market growth, particularly for Bitcoin.
New York University School of Law.
The CFTC and the SEC must work together
Representatives from the Senate Agriculture Committee, which oversees the CFTC, have proposed a new bill that would make the CFTC the main regulator of the digital asset industry and strengthen its control over cryptocurrency spot markets. The bill would also require commercial companies to register with the CFTC. Behnam voiced support for the bipartisan bill, which would also allow the CFTC to collect fees from regulators and bolster its financial clout.
Who will benefit from the regulation?
A well-established regulatory framework could attract more institutional investors and boost bitcoin market adoption is a stance advocated by many within the industry.
Putting Bitcoin under CFTC supervision could end the entire securities discussion.
Bottom line
The CFTC and the SEC have fought over the role of the main regulator of the cryptocurrency industry. Both have been reluctant to issue much formal guidance for Bitcoin companies, choosing instead to set regulatory precedent through enforcement actions.
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