A public statement dated Sept 21st, 2020, has been issued by the SEC FinHub Staff regarding cryptocurrency based stablecoins.
“We believe that market participants may structure and sell a digital asset in such a way that it does not constitute a security and implicate the registration, reporting, and other requirements of the federal securities laws.”– Source
This is groundbreaking. Had you asked someone in the crypto space 3 or 4 years ago “will the SEC / USA be stablecoin friendly?” – You would have received a fat NO. Cryptocurrency regulations and acceptance are ever increasing, these truly are signs of cryptocurrency adoption.
“The OCC has limited its Interpretation to holding reserves of a stablecoin associated with hosted wallets that is backed by a single fiat currency and redeemable by the holder of the stablecoin on a 1:1 basis for the underlying fiat currency upon submission of a redemption request to the issuer.”– Source
Follow the Leader
The world has a strange habit of mimicking policies first implemented by the USA. We can only assume the EU, and other parts of the world will follow suit. We are nearing the end game, cryptocurrencies are making waves that are rippling out to the real world for all to see.
“For the reasons discussed below, we conclude that a national bank may hold such stablecoin “reserves” as a service to bank customers.”– Source Interpretive Letter# 1172
“Then you win.”
How does it feel to be apart of history? Participating within cutting-edge technology. We are the crazy people that invested prior to the .COM bubble.
Here’s the difference: The .COM bubble was the rise of the world wide internet. Cryptocurrencies are the rise of world wide money – financial sovereignty – freedom.
We are entering phase 4, we are all going to make it.