The U.S. Assembly of Commerce — which represents large corporations close by small and medium-sized businesses (SMBs) — asked for regulations be made to advance responsible digital currency based plans of action, and additionally new financial technology (FinTech) and innovation.
In its report, the US Chamber said that the Entrepreneurs are discovering it excessively troublesome, making it impossible to raise capital, and this issue isn’t just toward the begin yet endures all through the lifecycle of the company as the company develops.
The Chamber found the regulatory prerequisites mind-boggling and costly which as indicated by them has hindered the growth of companies in the US alluding to the details that the number of listed companies in 2016 half of what they were in 1996. It additionally feels this is the fundamental reason American trend-setters are hunting down new, more effective approaches to raise capital, for example, crowdfunding and ICOs.
The Chamber asked the SEC to keep examining ICOs to perceive how they can be a viable instrument for raising capital while securing investors and ensuring applicable laws are met. They have additionally encouraged the CFTC to examine how digital currency is working in the futures and commodities market.
In the two cases, it asks the agencies to regulate the products and services empowered by the innovation rather than the technology itself as this approach would ease conflicting and covering rules and enable institutions to center around what truly matters – diminishing consumer risk and averting fraud.
The Chamber additionally trusts it is vital to stress that streamlined and proficient thought is critical to maintaining these technologies on the grounds that there is by and large a noteworthy lag time between the speed of technological innovation and regulatory action. To cite from the report,
“As the crypto industry rapidly evolves, it is critical that both the SEC and CFTC are mindful of the fast-moving pace of technology, create streamlined processes to assess the tokens and be prepared to issue relief so regulatory hurdles do not become a barrier to entry. We look forward to working with both of these agencies as the use of tokens grows and regulatory expectations are clarified.”
The overall report has been concluded by saying that,
“The speed of innovation is not slowing anytime soon and will only likely increase in the years to come. It is critical the U.S. government and states encourage these innovations that will shape the economic landscape and transform our daily lives. We urge the U.S. government to lead this digital transformation and promote economic growth, to ensure the U.S. maintains a competitive advantage on the world stage and plays a key role in the development of global financial policy.”
With US Chamber also joining the league of government and business committees asking for clarification on cryptocurrencies and ICO, the pressure is now building upon SEC and CFTC to act upon as sooner or later they will be answerable.