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Circle ​CEO: The biggest hurdle facing digital currencies is the regulatory uncertainty of SEC

2019-01-11 08:43 am | Resource: News Section | No Views : 79

Circle ​CEO: The biggest hurdle facing digital currencies is the regulatory uncertainty of SEC "The biggest regulatory hurdle facing digital currencies today is the lack of clarity among US securities regulators on how to identify different encryption assets," said Jeremy Alier, CEO and co-founder of Goldman Sachs-backed Circle.
Jeremy Alier made his comments at AMA Reddit, which he launched on Thursday, in collaboration with Circle co-founder Shaun Neville and other company representatives.
In response to a question about Circle's efforts to educate regulators such as the Securities and Exchange Commission (SEC) about the digital currency industry, in addition to the specific challenges facing the company, Alier wrote:
"The biggest and most pressing obstacle we face is the lack of specific guidance from the US Securities and Exchange Commission on how to classify different encryption assets. We believe that many digital currencies are clear and need to be more specific about what securities really are, This can open up a lot of market activity, as it can clearly from the growth of the stock market built on encryption. "
In response to other questions focused on the regulation of digital currencies, Ellier also reminded Circle that tax treatment should be differentiated from transactions of digital currencies, noting that France has surpassed other countries in seeking to amend a law to this end.
According to reports, France's bill to reduce taxes on digital currencies has recently suffered a setback in parliament.
Other topics that have been fruitful in the debate include discussions on AltCoins, which focus on privacy such as Monero (XMR), with many redditors eager to get insight into Circle's approach to scrutinizing regulators and enforcing the law Blockchain is dim.
"Although no specific legislation has been drafted in the United States regarding privacy statements, Circle may take these assets into account to assess the risks of its customers," said Robert Pinche, chief compliance officer and principal corporate lawyer at Circle.
He pointed out that the AML compliance is at the top of the agenda of regulators. "It will not diminish the ability of the smart industry and government participants to find solutions to provide transparency in these digital currencies in the future.

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