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金融监管机构或将无法控制比特币狂热局势

全新的互联网金融模式国际资讯监管与政策

金融监管机构或将无法控制比特币狂热局势

来自世界各地的立法者、金融专家和学者们都对比特币及加密货币市场恢宏的发展态势感到困惑。他们现在意识到,由于缺乏加密货币的监管经验和权限,金融监管机构无法履行监督职责。因此,有些人甚至正在考虑设立一个新的监管机构。但是,更多的监管无疑会阻碍加密货币领域的发展壮大。

SEC和CFTC的法律框架已过时

在美国,金融监管机构处理加密货币市场相关问题时通常不知所措。美国证券交易委员会(SEC)和商品期货交易委员会(CFTC)无法履行其监管职责。

针对这个现象,纽约时报上最近刊登了一篇题为《国会应该创立一个加密货币警署吗?》的文章。该文章由韦恩州立大学法学院Peter J. Henning教授撰写。

Peter J. Henning在他的文章中说道,由于过时的现行立法导致权力有限,以及监管体系官僚化严重,监管机构无法控制日益增长的加密货币市场。此外,像SEC和CFTC这些机构缺乏加密货币监管经验。

Peter J. Henning认为,如果将责任分配给一方(或两方),将会因制定法规和实施更有效的监管而增加(财政)拨款。设立一个加密货币交易委员会(CEC)可以解决新产品快速发展中出现的问题,并且无需处理根深蒂固官僚机构的需求和缺陷

瑞士是否会对比特币更加友好?

金融监管缺失也给大西洋彼岸带来了影响。例如,瑞士金融市场监管局(FINMA)正努力澄清它对ICO的官方立场,同时试图对比特币更加友好。

最近,FINMA宣布它将监管ICO。然而据路透社报道,目前还不清楚这些ICO法规会归入防洗钱法规,还是会被视为证券。

事实上,瑞士监管机构正在努力加强对加密市场监管力度。正如金融时报所说:

但它给瑞士的政治家和监管者带来了两难困境:他们鼓励的数字货币 “狂野西部”时代还应该走多远?

加密货币的创新将会使该行业得以蓬勃发展,但是严格的管制将会遏制这一切。

但是,建立更多的监管机构和过度监管会滋生更多的官僚作风,并且可能会在反欺诈的路上渐行渐远。更多的监管措施将阻碍新兴加密货币行业的发展,并剥夺数字货币时代提供给投资者的绝佳时机。

All over the world, legislators, financial experts, and academics are bewildered by the spectacular growth of Bitcoin and the cryptocurrency market. They now realize that financial regulatory agencies lack sufficient experience and authority with cryptocurrencies; therefore, these agencies are unable to perform their oversight duties. As a result, some are even mulling over the creation of a new regulatory agency. However, more regulation will undoubtedly hinder the growth of the crypto space.

SEC and CFTC’s Obsolete Legal Frameworks

In the U.S., financial regulators are at a loss when dealing with cryptocurrencies. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are unable to perform their regulatory duties.

In this regard, an article entitled “Should Congress Create a Crypto-Cop?” recently appeared in the New York Times. The article was written by Professor Peter J. Henning, Wayne State University Law School.

In his article, Henning explains that regulators are unable to exercise control over the ever-growing cryptocurrency market because obsolete existing legislation gives them only limited power, and the regulatory system is excessively bureaucratic. Moreover, these agencies, the SEC and the CFTC, lack experience in overseeing cryptocurrencies.

Should Congress create a crypto-cop? https://t.co/lkb2il30D8

— DealBook (@dealbook) February 15, 2018

Therefore, Henning writes, “assigning responsibility to one (or both) will require increased appropriations to develop rules and effective oversight.”

Henning concludes:

The creation of, say, a Cryptocurrency Exchange Commission, or C.E.C., could address a rapidly developing product that defies easy categorization without having to deal with the demands – and foibles – of an entrenched bureaucracy.

Is Switzerland Becoming More Bitcoin-Friendly?

Financial regulators’ inadequacy also affects those across the Atlantic. For example, The Swiss Financial Market Supervisory Authority (FINMA), struggles to make clear its official position on Initial Coin Offerings (ICOs), while attempting to have a more Bitcoin-friendly stance.

Recently, FINMA announced that it was going to regulate ICOs. However, according to Reuters, it is unclear whether these ICO regulations will fall under the anti-money-laundering laws or whether ICOs will be treated as securities.

Indeed, Swiss regulators are grappling with the extent to which they should regulate the crypto market. As the Financial Times put it:

But it has created a dilemma for Swiss politicians and regulators: just how far should they go in encouraging a digital ‘wild west’?

Heavy-handed regulations on cryptocurrency would curb the innovation that has allowed the industry to flourish thus far. https://t.co/6KcralwkXD

— Competitive Enterprise Institute (@ceidotorg) February 12, 2018

However, creating more regulatory agencies and imposing excessive regulations will create more bureaucracy, which in turn, it might make the fight against fraud more ineffective. More regulation will impede the growth of the young crypto industry, depriving investors of the fantastic opportunities it offers.


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