The blockchain lobby in the US is growing rapidly. Since 2017, the number of crypto-technology lobby companies in Washington DC has tripled. Already last fall, there were attacks by some prominent companies, including Ripple and Coinbase, to form interest groups in the US capital. In particular, it is important to increase the influence on decisions of the SEC.

According to a March 18 report by Political media Politico, the number of cryptocurrency and blockchain lobbying companies in Washington tripled from a dozen in 2017 to 33 in the final quarter of 2018.

The aim of the crypto-lobbyists is to make the legal measures to regulate the young Bitcoin ecosystem through expert knowledge and networking as favorable as possible for the companies in the industry. Stakeholders always emphasize that they welcome regulation per se and are against evading the legal system. Therefore, they want to develop a legal framework for blockchain technology that can be sustainable and efficient.

The US Securities and Exchange Commission plans to work on its guidelines for the regulation of Bitcoin & Co. SEC Commissioner Hester M. Peirce said in a speech at the University of Missouri. Accordingly, the authority is considering adapting its regulations in the future. The SEC also wants to offer assistance to applicants for new projects.

Above all, adequate guidelines are needed to achieve a global adaptation of cryptocurrencies such as Bitcoin, Ripple and others. The repeatedly rejected applications for Bitcoin ETFs and the partly shattered hopes of the community for a possible bull run speak volumes in this connection. However, apart from lack of security measures in the crypto-ecosystem, there are apparently compatibility issues here. For the new financial technologies are not necessarily compatible with the regulations of an established financial system. This could change soon.

So said SEC Commissioner Hester M. Peirce in a speech that could change the existing guidelines in the future. Accordingly, the employee of the US supervisory authority said:

“The [Securities and Exchange Commission] opportunity to rethink its innovation approach stems from a decade of technology development in the context of blockchain and cryptocurrency. This area has challenged many regulators around the world. The SEC is certainly no exception. We ask ourselves, together with other regulators, how the rules in this area apply or whether a new legal framework would be better. If we act appropriately, we can enable innovation at this new frontier. And without endangering the goals of our securities laws.”

No Action Relief: Assistance for Applicants
Accordingly, it is also the task of the authority to provide guidelines on which applicants can orient themselves. The Securities and Exchange Commission is working on an advisory opportunity for ICO and STO applications:

“Employees are working on some additional guidance to help people think about whether their crypto financing measures are covered by securities laws. There is also a permanent offer for people who can come to the so-called No Action Relief in connection with a specific token or project. Applicants will explain their intent and SEC staff may respond by recommending a withdrawal of the application.”

The authority ultimately creates space for both itself and applicants. With the No-Action-Relief scheme, the SEC saves work in advance while helping applicants to better prepare their applications.

With the announcement of Bitcoin in the public was also the narrative of the supposedly anonymous Darknet currency. Although it has meanwhile spread that Bitcoin is not anonymous, but pseudonym, the image remains struck. The US Securities and Exchange Commission and the Internet giant Google now want to use analytical software to better understand the blockchains of Bitcoin & Co. About their motivation and the implications for the crypto sector.

For understandable reasons, authorities are a thorn in the side if they do not have comprehensive information on the transactions taking place in the crypto area. But not only government agencies, but also Internet corporations like Google have an interest in learning as much as possible. If Google knows each of our steps on the Internet, why not do every transaction on the blockchain we make? The successful gathering of information and data as well as their evaluation determines success and defeat in the 21st century – this applies to both states and companies.