Consensus 2018: US regulators said they do not want to “block” the blockchain innovation

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American regulators continue to pay attention to crypto-currencies and ICO, but they do not seek to suppress the industry, according to the Consensus 2018 comments.

Regulators on the blockchain

James McDonald, director of the legal department of the Commodity Futures Trading Commission (CFTC), Robert Cohen, head of the Securities and Exchange Commission Securities Section (SEC) cyber department and the deputy attorney general, Sujit Raman, participated in a group discussion of law enforcement agencies in the sphere blockchain. They were also joined by the director for strategic planning of the Bittrex crypto exchange, Kieran Raj. Steve Bunnell, the lawyer, was in charge of the discussion.

Representatives of government agencies noted that they can speak only on behalf of themselves, and the opinion of the regulators themselves may differ from what they said. All of them agreed that they do not want to hamper the development of innovations related to blockchain technology. However, according to representatives of the US regulatory bodies, this does not eliminate the need to combat the attempts of fraud and theft of users’ funds that take place in the crypto-currency area.

The policy of “open doors”

According to Kozhn and McDonald, the commissions they represent adhere to the “open door policy” to companies seeking to sell tokens. Raman also noted that for the US Department of Justice, the priority for decision-making should be the protection of Americans. Finally, all the participants in the discussion agreed on that. that the main problem of crypto-currency space is a lack of regulatory clarity.

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