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US Department of Justice has provided a report on the regulation of cryptocurrencies in the country

US Department of Justice has provided a report on the regulation of cryptocurrencies in the country

16 October 2020

The US Department of Justice will closely monitor the development of the DeFi industry. 

The US Department of Justice will closely monitor the development of the DeFi industry. The agency believes that the ICO boom in 2017-2018 has laid the foundation for the rapid growth of the DeFi market, with all the attendant difficulties for regulators seeking to protect investor rights.

The European Commission has presented the rules for the regulation of cryptocurrencies and stablecoins, as announced by its vice-chairman Valdis Dombrovskis in an official press release. He explained that the field of digital assets has become widespread, and therefore it is important to give companies the opportunity to take advantage of its advantages, but at the same time reduce risks for investors and maintain the stability of the financial system.

The European Commission also plans to launch a regulatory framework where firms can test smart contracts and blockchain-based products. Together with improved regulations, this will help develop better financial products and open up new funding channels.

“The Commission aims to stimulate innovation in the EU financial sector, especially for high-tech digital startups, while mitigating any potential risks,” Dombrovskis said.

Regulate (tax, prohibit everyone except the elite, know who and how much and where) the United States, like other countries, has long wanted. Thus, they will be able to prevent competition of any cryptocurrency with USD.

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16 October 2020
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