THELOGICALINDIAN - Rumors of an SEC crackdown are aerial afterwards Poloniex said it will delist nine crypto tokens including DCR for trading to US customers
No Longer Available to U.S. Cryptocurrency Traders
Poloniex has appear that it will no best action nine cryptocurrency tokens for trading to U.S. barter afterward letters of admission regulations adjoin unregistered aegis tokens. Meanwhile, opinions abide breach as to whether balance regulations should administer to cryptocurrency tokens.
In a Medium column appear on Thursday (May 16, 2019), Poloniex announced that it would no best action nine cryptocurrency tokens to its U.S. customers. According to the announcement, the move due to uncertainties over whether U.S. regulators would authorize such tokens as securities.
An extract from the column reads:
U.S. traders afflicted by the move will be able to abjure these assets from Poloniex as continued as the cryptocurrency barter continues to account the aforementioned on its platform.
Circle CEO Jeremy Allaire bidding annoyance at the accommodation actuality as a aftereffect of “restrictive” U.S. cryptocurrency regulations. The Goldman Sachs-backed Circle acquired Poloniex aback in 2018.
Allaire isn’t abandoned in accusatory U.S. cryptocurrency authoritative behavior abnormally apropos the allocation of antecedent bread alms (ICO) tokens as securities. A accumulation of U.S. Congressmen are alike aggravating to canyon the Token Taxonomy Act – a bill that would absolved crypto tokens from the analogue of securities.
SEC Crackdown Looms For Crypto Tokens?
However, the U.S. Balance and Exchange Commission (SEC) has consistently maintained that best ICOs are securities.
The SEC has additionally connected its crackdown on actionable cryptocurrency aegis offerings with several fines and arrests. There are alike letters that the Commission is gearing for a final advance on actionable badge offerings in what may be a hammer draft to ICOs in the U.S.
Meanwhile, Bitcoin entreprenuer, Ragnar Lifthrasir, cautioned his followers, saying:
Apart from traders, such a move would additionally affect barter platforms that accept more adopted a accumbent action by advertisement as abounding cryptocurrency tokens as possible.
Critics say absolute ability in the bazaar would articulation on a added vertical access that prioritizes the affection of the tokens actuality offered rather than absorption on accession huge advertisement fees from all and sundry.
With the ample accountability absorbed to constant with balance regulation, it is not absurd that abounding of these tokens would cease to exist. Such a bearings ability advance to the accomplishment of the altcoin afterlife event as predicted by bodies such as Matt Hougan of Bitwise and Barry Silbert of Digital Currency Group.
Meanwhile, Bitcoin continues to be the angel of traders and institutions alike. In 2019 alone, several establishments like Fidelity Investments, TD Ameritrade, and Microsoft to acknowledgment a few accept upped the ante in agreement of their Bitcoin acceptance drive.
Should all cryptocurrency tokens be exempted from balance regulations? Let us apperceive in the comments below.
Images via Twitter @Poloniex, @jerallaire, @real_vijay, Shutterstock
