US regulators are urging financial institutions to take a closer look at cryptocurrencies for use in their countries.
In a Wall Street Journal report, Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) officials Jay Clayton and Christopher Giancarlo said they are working hard to tighten oversight of the industry. They, along with other authorities, will continue to monitor companies trading in digital currency and prevent criminal activity in the cryptocurrency market.
In addition, they believe that at this stage of development, cryptocurrencies “operate as investment assets, while their well-known popularity as an efficient and inexpensive medium of exchange has faded into the background.”
Clayton and Giancarlo also said that they support policies aimed at refining existing laws related to blockchain, which can help effectively regulate cryptocurrency:
“Many online platforms that engage in cryptocurrency trading are not registered in the database and are not properly vetted by the SEC and CFTC. We will fully support the decisions of these companies to review the quality of the system in order to ensure efficiency and effectiveness that will meet the requirements of these times of digital progress,” the chairmen concluded.
According to https://www.coindesk.com
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