SEC “Underwhelmed”, New Mining Operations Adjourned by Quebec

Brett Redfearn, the director of the United States Securities and Exchange Commission (SEC)’s Division of Trading and Markets, has in the recent regulatory news, described the efforts of cryptocurrency exchanges as “underwhelming.” This happened during an interview with CNBC at the Global Exchange and Brokerage Conference about a week ago.

Mr. Redfearn said: “We’re underwhelmed by the enthusiasm for coming within the regulatory structure right now.” “There are [so many] exchanges that are trading ICOS that I would think that we would see more registrations.”

Mr. Redfearn did not comment on whether ETH or XRP comprise securities. He rather stated that the SEC will issue statements regarding “at least one of those products forthcoming in the future.”

Hydro-Quebec, a Canadian state-owned utility provider and the fourth largest hydropower producer in the world, has once more, adjourned new applications from prospective cryptocurrency mining operations.

This move was influenced by a request from the provincial government that Hydro-Quebec limits the total power allotted to cryptocurrency miners to no more than 500 megawatts, which is a small portion of the 17,000 megawatts that were requested by mining companies that want to operate in Quebec.

Quebec’s Minister of Energy Natural Resources, Pierre Moreau, stated according to a report that, he asked Hydro-Quebec to suspend the approval of new virtiual currency minibg operations until regulators determine appropriate guidelines for the province’s mining industry. He added that the province will seek to develop guidelines that will help select “the best among the companies” that want to establish mining operations in Quebec. Hydro-Quebec’s Distribution President, Eric Filion, has indicated that the new regulatory apparatus will seek to bolster Quebec’s economy while making sure that cheap power is available for all residents.

A page has been published by the SEC on its website. According to its meta-description, SEC seeks to help investors and market “Get hip to the three ‘Rs’ of ICOs.”


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