In this video, taken on the Sacramento Bitcoin Meetup in April, you will see the Founder of BitAML, Joe Ciccolo talking about the state of regulatory compliance within the crypto space.
You will hear him talking about: agency involvement in cryptocurrency regulation, where individual states stand on the regulation of Bitcoin, and two current assembly bills in California.
Although there is a rumor going around that the Bitcoin is a sort of a Wild West in terms of regulation, it could not be further from the truth. Actually, there are some agencies that are responsible for Bitcoin regulation and Joe is going to cover some of them in his presentation. The focus will be on FinCEN and he will talk a bit less on SEC and CFTC.
SEC (Securities Exchange Commission) stated that under certain circumstances Bitcoin and other cryptocurrencies can be considered as a security, so they have been very busy focusing on ICOs (Initial Coin Offerings). They started an investigation and eventually created a case law that ultimately shut down the ICO and depending on the perspective they either did a fantastic job, or they cut off a valid mechanism of financing.Continue reading