A new advisory group to develop guidelines for the crypto and fintech industry in Massachusetts. Secretary General Gavin surprises with this approach.
US states are slow with the times
The US policy is commonly a fairly close connection to the classic banking world attested, so in the field of crypto currencies for a long time more resistance than political interest was emerging. By and by, however, many US politicians recognize the opportunities of blockchain and digital currencies like Bitcoin or other coins like Ripple and Litecoin. Recently, for example, we reported on the state of Ohio, where companies have recently been able to pay taxes via Bitcoin. Other US states have implemented similar ideas, or at least concepts in work. Even earlier, Arizona had made a bill on the crypto tax public.
Group should represent different industries
However, the fact that the Secretary General of the Commonwealth has often given Massachusetts a clear crypto-oriented mandate for the federal securities regulator, according to media reports, surprises many observers. Because William Gavin, the name of the Secretary-General, has always been considered a great skeptic when it comes to the crypto market. Ironically, this critic is said to have launched an advisory group through his office, which will deal with both the digital currency and the fintech world. The group is said to include specialists from the blockchain company Arwen, various legal experts and Boston Eastern Bank employees. According to the secretary-general himself, the members of the group are "key players" in start-ups and the fintech industry as well as various banks.
Authority should be able to create better framework conditions
At the end of the joint work, solutions should be available that provide the regulatory authority with tools and ideas to meet the new requirements. After all, there are no clear rules for the fast-growing market for blockchain and cryptocurrencies even with this securities supervision. It should – so the statements of some group members, not to fight the industry, but the creation of pioneering rules that should also help the companies themselves. Considering that Gavin, the secretary-general of the state, was complicating several ICOs about a year ago and repeatedly titled Bitcoin as a bubble, this is a significant step forward. How many investors did not want to buy cryptocurrencies because of this criticism is not known. However, this will not necessarily have been positive for the sector.
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