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The Washington state encourages the blockchain; in New York, the regulation of the cryptocurrency market is discussed. The analyst believes that the SEC decision does not affect the cryptocurrency market.
Washington signed law SB 5638, which will encourage the development of blockchain companies in the state. It describes a number of measures that will allow entrepreneurs to more actively use new technologies. It can be used in documents with a digital signature, it recognizes the importance of using the blockchain in trading operations.
An interesting fact is that the Technological Industry Association was engaged in lobbying for the new state law. According to the developers, now outdated restrictions have been removed from the business, which will make it possible to more actively develop new technologies. Thus, earlier some documents were declared invalid without a written signature.
An international meeting on the regulation of the cryptocurrency market was held at the Federal Reserve Bank of New York. Participants discussed the problem of the vulnerability of the global financial system with the advent of new technologies. It is not yet known what conclusions the countries came to.
But representatives of the press received information about what issues were in the spotlight. This is a study of the effects of cryptocurrency, and the problem of regulation. Countries are trying to understand exactly which departments should be entrusted to control blockchain. And what part of it can be controlled.
EToro senior analyst Mati Greenspan is confident that the role of the SEC in the fate of cryptocurrencies is exaggerated. Of course, delaying with the permission to trade Bitcoin-ETF makes a certain contribution to limiting the growth of the value of cryptocurrencies. However, institutional investors already have many alternatives to buy.
According to Greenspan, at the moment cryptocurrencies have become an independent financial asset with fairly large prospects. And they do not need help from supervising organizations. Of course, allowing Bitcoin-ETF contracts may increase demand. However, the effect will not be as significant as many market participants think about it.