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Disclosure was an important topic at a US House of Representatives hearing on regulating digital assets on ThursdayDry can determine when securities are involved. Although chair of the subcommittee of the standing committee on agriculture on commodity exchanges, energy and credit sean maloney said it would focus on gaps in the supervision and regulation of derivatives and the underlying spot markets, there was a wide variety of discussion.
Disclosure was an important focus at the U.S. House of Representatives hearing on the regulation of digital assets on Thursday.
Although chairman of the sub-committee on commodity exchanges of the house of commons committee on agriculture, energy and credit sean maloney clarified that he would focus on gaps in the supervision and regulation of the underlying derivatives and cash markets, there was a wide variety of discussion. Blockchain can unlock network-wide information behind illicit activities.
Georgetown university law professor christopher brummer pointed out that the disclosure law assumes that issuers have access to information that consumers don't have, while blockchain is transparent but hard to understand.
"Disclosures should be read, not just filed," brummer said repeatedly referring to consumer protection, adding that increasing the complexity of disclosure could create vulnerabilities for consumers.
A law professor at Georgetown University, Christopher Brummer pointed out that the disclosure law assumes that issuers have access to information that consumers do not have, while blockchain is transparent but hard to understand. Charles Hoskinson spoke of "mentality" and emphasized the importance of principles and the need to strive for "efficiency on rigor" in the rapidly changing global market. He then expressed the view that no regulator is doing a good job of knowing your clients' anti-money laundering safeguards at this time.
As participants moved on to more specific questions, the director of the market surveillance division of the CFTC vincent mcgonagle stated that his agency has the expertise to oversee the treasury market for crypto. That market is now governed by the laws of the state on the transmission of money. There are multiple proposals to give the EFA authority.
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Digital assets are defined as commodities, McGonagle said, but the SEC can determine when they are securities. Related: us congress research agency weight in on ust crash, notes gaps in regulation iondigital assets are defined as commodities, mcgonagle said.
