Though Okcoin chief compliance officer Megan Monroe said that there are still certain grey areas over cryptocurrencies in the United States, further regulation may not be the best solution.<\/p>\n
In a statement to Cointelegraph, Monroe said current U.S. regulations are sufficient to police cryptocurrency exchanges, token issuers and custody wallet providers, but \u201cjurisdictional boundaries of these federal financial regulators are neither clear nor collaborative.\u201d Rather, she advocated for a framework with greater clarity to determine which crypto firms should be subject to regulation and let investors know which protections are available.<\/p>\n
\u201cA clear regulatory framework with established jurisdictional boundaries, flexible compliance standards and open communication channels with registrants (as well as with state regulators) would be a good way to initiate an evolving framework for market participants to grow their businesses,\u201d said the Okcoin chief compliance officer. \u201c[This] would provide retail customers that seek to work with regulated entities a clearer understanding of the investor protections that would be available to them.\u201d<\/p>\n
\u201cWe do not believe that further regulation will necessarily prevent fraud and platform abuse […] Fraud should not be limited to focusing on retail customer regulatory compliance issues in the securities markets.”<\/p><\/blockquote>\n
Two of the major government agencies handling digital asset regulation in the United States, the Securities and Exchange Commission, or SEC, and the Commodity Futures Trading Commission, or CFTC, have different jurisdictional claims regarding crypto. <\/p>\n
The SEC often determines whether tokens are securities using the Howey Test, with Chairperson Gary Gensler arguing the crypto industry, including decentralized exchanges,\u00a0falls within the regulatory purview of the federal agency. However, former CFTC Chair Christopher Giancarlo has claimed that cryptocurrencies are commodities and thus would be subject to regulation by the CFTC. <\/p>\n
The apparent lack of clarity can be seemingly confusing to crypto firms that are considering relocating to the U.S., or local ones making the transition to the digital space. David Schwartz, chief technology officer of Ripple Labs, told Cointelegraph earlier this year that it was \u201cdifficult to figure out which laws apply and how they apply to something new,\u201d like cryptocurrencies or blockchain technology.<\/p>\n
\u201cOver time, the regulators have educated themselves about the industry and expanded their scope to incorporate new blockchain technology, such as decentralized exchanges and DApps,\u201d said Monroe. \u201cBut, the regulations still lag behind the industry innovation, which is why the regulators have yet to provide comprehensive regulatory guidance on decentralized finance technology.\u201d<\/p>\n
Related: <\/em><\/strong>Will regulation adapt to crypto, or crypto to regulation? Experts answer<\/em><\/strong><\/p>\nThe Okcoin chief compliance officer said that an \u201cincubator\u201d approach might be one possible solution to this \u201cpatchwork of financial regulations,\u201d wherein crypto traders and businesses could operate without fear of legal action for a set period of time. She also encouraged projects to clearly identify the risks to both investors and users, and for greater communication and collaboration between agencies like the CFTC, SEC and Financial Crimes Enforcement Network. <\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Though Okcoin chief compliance officer Megan Monroe<\/p>\n","protected":false},"author":3,"featured_media":135413,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
Stronger crypto regulations in US won't necessarily help prevent fraud, says Okcoin CCO - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stronger crypto regulations in US won't necessarily help prevent fraud, says Okcoin CCO - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Though Okcoin chief compliance officer Megan Monroe\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-12T22:50:01+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/08\/Stronger-crypto-regulations-in-US-wont-necessarily-help-prevent-fraud-says-Okcoin-CCO.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/\",\"name\":\"Stronger crypto regulations in US won't necessarily help prevent fraud, says Okcoin CCO - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2021-08-12T22:50:01+00:00\",\"dateModified\":\"2021-08-12T22:50:01+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Stronger crypto regulations in US won't necessarily help prevent fraud, says Okcoin CCO\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Stronger crypto regulations in US won't necessarily help prevent fraud, says Okcoin CCO - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/","og_locale":"en_US","og_type":"article","og_title":"Stronger crypto regulations in US won't necessarily help prevent fraud, says Okcoin CCO - Pre Coin News","og_description":"Though Okcoin chief compliance officer Megan Monroe","og_url":"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/","og_site_name":"Pre Coin News","article_published_time":"2021-08-12T22:50:01+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/08\/Stronger-crypto-regulations-in-US-wont-necessarily-help-prevent-fraud-says-Okcoin-CCO.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/","url":"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/","name":"Stronger crypto regulations in US won't necessarily help prevent fraud, says Okcoin CCO - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2021-08-12T22:50:01+00:00","dateModified":"2021-08-12T22:50:01+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/crypto\/stronger-crypto-regulations-in-us-wont-necessarily-help-prevent-fraud-says-okcoin-cco\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Crypto","item":"https:\/\/precoinnews.com\/category\/crypto\/"},{"@type":"ListItem","position":3,"name":"Stronger crypto regulations in US won't necessarily help prevent fraud, says Okcoin CCO"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/135414"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=135414"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/135414\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/135413"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=135414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=135414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=135414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}