SEC Schedules Crypto Meet But Industry Leaders Say It’s “Just for Show”

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SEC Schedules Crypto Meet But Industry Leaders Say It's "Just for Show"

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The US Securities and Exchange Commission (SEC) has scheduled a discussion forum on financial technology (fintech), which is tabled to include topics on blockchain and cryptocurrency, according to Crowdfund Insider.

However, industry commentators are not enthused by the meet, which takes place in Washington on 31 May, believing that the event is the latest example of the SEC’s lip service to the blockchain and crypto industry.

Interest in the meeting will likely be high, they say, but they are tempering any expectations for solid outcomes that will help clarify regulations in the sector. SEC Commissioner Hester Peirce herself last week expressed her concern that the Commission was moving too slowly, and hindering innovation as a result:

“It is not the SEC’s overzealous action that has stifled the crypto industry, but its unwillingness to take meaningful action at all.”

A securities attorney from France who advised the European Commission and World Bank on blockchain had also told Crowdfund Insider that this stance from the SEC had driven innovators to France.

Fokoya CEO Gilad Raz agreed that the SEC meeting was not going to be meaningful, saying that the Commission only does “what it does best, avoid regulatory framework and actual use-cases”. He noted also that the focus on ICOs reflected how far behind discussions are when newer innovations had already displaced coin offerings:

“While the forum presents itself as a genuine attempt to work with the technology, the agenda focuses on ICOs when it should be engaging IEOs. The discussion should focus on topics that are timely and not six months delayed… In order to allow mainstream adoption of crypto markets, the SEC must recognize that organizations in the US can greatly benefit from blockchain technology, which provides distributed ledgers, smart contracts and transparency.”

 

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