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SEC Decision on Illegal Swaps for Bitcoin

SEC Decision on Illegal Swaps for Bitcoin

The SEC, the CFTC and the FBI – all US government agencies – have taken coordinated action against the against a securities broker for violating federal laws in connection with security-based swaps funded by Bitcoin. When we look at the Securities and Exchange Commission, an entity that have been in the news regarding hedge funds and ETFs recently, we see an agency trying to get its head around the new crypto-world. But when the SEC and the FBI (the Federal Bureau of Investigation), working together, there is no room for doubt, as these entities are looking at this market as one that needs oversight.

And in the long run, this oversight and intervention is good for cryptocurrencies as it brings order and legitimacy to a market the badly needs blue chip institutional investor participation.

THE SEC - Fort Worth regional office stated, "international companies that transact with US investors cannot circumvent compliance with the federal laws by using cryptocurrency." The key is that some brokers are offering illegal off-exchange transactions, with are not registered and of course can sometimes be connected with money laundering and drug or even arms deals.

There are a growing number of European and Asian exchanges and trading companies that would have US clients as customers. However, the SEC and the FBI will likely be watching and in some cases bringing the full force of the law into play.

Team Classiarius

 

JMB

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Classarius is the only data driven news for blockchain, cryptocurrencies and technology from investment professionals.
Disclaimer: We do not provide investment advice or strategies, this article is not intended as such but only to provide you the reader with information. Please conduct your own research before any investment of any kind.

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