The markets turned green for a while again today. For now, the worst dip seems to be over. After all the negative news about China and credit card providers it seems that there are sun rays of hope about the cryptocurrencies to shine.
The US financial regulators SEC and CFTC have today issued a report with their views on cryptocurrency and the market.
Where many were initially still wary about the integrity of this, the outcome for cryptocurrencies and blockchain is quite positive.
For example, it emerged that the US regulators will take more stringent action against scams and fraudulent practices. Which is good for less informed investors. There will be more information and education for risk groups.
Paradigm shift
The report also reveals that US regulators can not put the technology back into the bottle. This refers to the beginning of the internet. It should just be embraced. A paradigm shift that is now under way in the millennials of the current monetary system should not be seen as something negative according to both institutions. Stopping cryptocurrency and blockchain technology will only slow down the progress of technological innovation.
That is why the regulators will look at how they can regulate and stimulate this crypto landscape. Both institutions also see that blockchain technology and digital currency are the portal of adoption and it brings benefits to modernize the financial system. This allows them to bring the current prehistoric financial system to the internet age.
How this will be expressed is still unknown, but in the longer term the American institutions will bring out more about this. For now, the crypto market seems to be back on earth for a moment.