SEC, CFTC and FinCEN issue a joint statement for crypto industry participants
|- The US regulators publish a joint statement on digital assets.
- The authorities insist that crypto-related companies should comply with the existing regulations.
The heads of three US financial regulators issued a joint statement to warn the participants of the cryptocurrency industry about the need to comply with various regulatory requirements. This statement was published on the website of the Commodity Futures Trading Commission (CFTC).
The statement was signed by CFTC CEO Heath Tarbert, Director of the Financial Crimes Enforcement Network (FinCEN) Kenneth Blanco and Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton.
Heads of departments urged companies to comply with the rules of law governing banking and other financial services, regardless of what they call their digital assets - cryptocurrencies or tokens. The authorities refer to the Law on Bank Secrecy, which regulates the requirements for registering companies with regulatory authorities.
« For example, certain “commodity”-related activities may trigger registration and other obligations under the Commodity Exchange Act (CEA), while certain activities involving a “security” may trigger registration and other obligations under the federal securities laws.»
According to officials, while classifying an asset it is necessary to take into account the economic nature of the asset, user cases and the underlying technology.
The head of the SEC Jay Clayton noted that broker dealers and mutual funds should adhere to anti-money laundering policies and report suspicious activity. He believes that these requirements apply to all activities related to digital assets.
Recently, the consulting company financial Integrity Network recommended that the US Congress create a new category of financial institutions in accordance with the Bank Secrecy Act to regulate the activities of cryptocurrency companies.
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