As Western U.S. states embrace the blockchain revolution with even Congress inching closer towards crypto-friendly regulation, Massachusetts’ chief of securities has launched a new working group in the Commonwealth of Massachusetts to clear up some of the murky regulation for blockchain innovators.
Regulators in the state haven’t made it easy for blockchain entrepreneurs. Bitcoin and other cryptocurrencies have been kept at arm’s length by the state officials with attempts to dissuade investors, along with highlighting the risks of participating in the market. State officials have also been cracking down on companies operating in the space.
William Galvin, the secretary of the Commonwealth and the state’s top securities regulator, has been heading the regulatory crackdown while taking an admittedly ‘aggressive’ approach towards ICOs.
Citizens of the state can now breathe a sigh of relief as the new working group has been created by the same office that has been targeting cryptocurrency all this while. The Fintech Working Group will help startups grasp securities laws with its early focus reportedly being on crypto-assets. This will give blockchain startups some clarity on what the state deems as unregistered securities.
Galvin reportedly stated, “This collaboration will help advise securities regulators on meeting the novel demands of this rapidly growing space.”
Sharon Goldberg, the founder and CEO of Boston-based crypto security startup ‘Arwen’, is part of the group comprised of several members. She is using her influence to give impetus to tech innovation.
“I personally wouldn’t be doing this if all that was going to come out of it was more enforcement action. Enforcement actions are fine, but we first need to know what the rules are.”, Goldberg told American Banker.
She further stated that the environment among crypto innovators in the state of Massachusetts is infused with fear as the builders have no clarity on what the rules are.
Arwen, formerly known as Commonwealth Crypto, is making it making it more secure to convert cryptocurrencies at the exchange level even in cases of the trading platform being hacked.
This article was sourced from CCN.