In latest regulatory information, Brett Redfearn, the director of the United States Securities and Exchange Commission (SEC)’s Division of Trading and Markets, has described the self-reporting efforts of cryptocurrency exchanges as “underwhelm[ing] ,” Hydro-Quebec has once more suspended new purposes from mining corporations in search of to function within the province, and the SEC has revealed a brand new web page on its web site encouraging customers to “Get hip to the three ‘Rs’ of ICOs: Risks, Rewards, and Responsibilities.”
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SEC Director “Underwhelmed” by Self-Reporting Among Crypto Exchanges
Brett Redfearn, the director of the SEC’s division of buying and selling and markets, acknowledged that the regulator is “underwhelmed” by the efforts made by cryptocurrency exchanges to evolve to the company’s registration and self-reporting necessities throughout an interview with CNBC on the Global Exchange and Brokerage Conference final week.
“We’re underwhelmed by the enthusiasm for coming within the regulatory structure right now,” Mr. Redfearn acknowledged. “There are [so many] exchanges which are buying and selling ICOs that I’d assume that we might see extra registrations.”
Mr. Redfearn also declined to touch upon whether or not ETH or XRP comprise securities, nonetheless, acknowledged that the SEC will concern statements concerning “at least one of those products forthcoming in the future.”
Hydro-Quebec Again Suspends Applications for Mining Projects
Canadian state-owned utility supplier and the fourth largest hydropower producer on this planet, Hydro-Quebec, has once more halted new purposes from potential cryptocurrency mining operations.
The halting of recent purposes was spurred by a request from the provincial authorities that Hydro-Quebec limit the overall energy allotted to cryptocurrency miners to not more than 500 megawatts – a small fraction of the 17,000 megawatts to this point requested by mining corporations in search of to function in Quebec.
Pierre Moreau, Quebec’s Minister of Energy and Natural Resources, reportedly acknowledged that he requested Hydro-Quebec to droop the approval of recent digital currency mining operations till regulators decide applicable pointers for the province’s mining trade. Mr. Moreau added that the province will search to develop pointers enabling it to pick “the best among the companies” in search of to determine mining operations in Quebec. Eric Filion, Hydro-Quebec’s Distribution President, indicated that the brand new regulatory equipment will search to bolster Quebec’s financial system while guaranteeing low-cost energy is accessible to residents.
“Get Hip to the Three ‘Rs’ of ICOs: Risks, Rewards, and Responsibilities”
The SEC has revealed a web page on its web site which, in response to its meta-description, seeks to assist buyers and market “Get hip to the three ‘Rs’ of ICOs.”
The web page emphasised that ICOs might comprise “securities offerings,” that ICOs “may need to be registered”, and emphasizes that while tokens “can be called a variety of names, […] merely calling a token a ‘utility’ token or structuring it to provide some utility does not prevent the token from being a security.”
The web page also implores potential buyers to conduct impartial analysis and due diligence, and warns the promotion of unregistered securities might lead to authorized penalties.
What are your ideas on the present regulatory local weather surrounding cryptocurrencies? Share your ideas within the comments part below!
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