Self-Regulation in Cryptocurrency Markets — RegTech or Red Herring?
By: Samantha Joule Fow
Over the past few years, cryptocurrency market stakeholders have largely agreed regarding the need for increased oversight and self-regulation within the virtual currency industry. And while public officials are still scratching their heads, the cryptocurrency and blockchain tech industry is starting to act.
This year, we’ve seen the development of self-regulatory organizations within the virtual currency industry. And, while it may not have law enforcement authority, a self-regulated organization not only regulates itself, but also holds some regulatory influence over the larger industry. As Brian Quintenz, Commissioner of the U.S. Commodity Trading Futures, explained: “an independent and empowered SRO-like entity could have a meaningful impact on the integrity and credibility of this young marketplace.”