On a Thursday broadcast, the cryptocurrency exchange Poloniex, supported by Circle and based in Massachusetts, disclosed a plan to remove nine digital coins from the platform for American users due to unclear regulations. Poloniex The exchange pointed out the current uncertainty in classifying these assets as unregistered securities per U.S. SEC guidelines, thus opting for their removal from the list starting May 29th to avoid legal risks.
While removing these cryptocurrencies for American traders, Poloniex assured that non-U.S. users would still have full trading access, including projects such as ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP.
Trading for ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP will cease for U.S. patrons on May 29th, 16:00 UTC, but the options remain open globally for others.
- Ardor (ARDR)
- Augur (REP)
- Bytecoin (BCN)
- Decred (DCR)
- GameCredits (GAME)
- GAS
- Lisk (LSK)
- Omni (OMNI)
- NXT
Expressing their stance on social media, the Poloniex crew showed their commitment to championing regulatory frameworks that support cryptocurrencies. https://t.co/eNWeZTjT5X
— Poloniex Exchange (@Poloniex) May 16, 2019
\"We sympathize with how challenging this action might seem to our user base and the wider crypto community. We are avid believers in the future these assets present and will persist in backing regulatory advances conducive to crypto assets.\"
For those keenly observing the U.S. crypto sector, Poloniex's move might not stir much shock due to the omnipresent regulatory vagueness and differing stances from key American regulatory bodies like SEC, CFTC, IRS, among others.
In the current state of regulatory chaos, agencies have not provided detailed or conclusive guidelines, leaving companies and investors in a perpetual state of limbo.
Commissioner Hester Peirce of the SEC recently reflected at the Securities Enforcement Forum, critiquing the lack of proactive measures from her organization in preventing stagnation in the American crypto space.
\"It's not excessive action from the SEC that's hampering crypto progress but rather its reluctance to take definitive steps,\" Peirce argued.
The most effective remedy to the regulatory confusion enveloping the U.S. crypto industry would be a comprehensive federal law streamlining how digital currencies are governed.
Despite attempts, comprehensive legislation remains out of reach, making regulatory transparency a burgeoning topic in political debates among U.S. crypto enthusiasts.
Andrew Yang Lights Path for U.S. Presidential Hopefuls Seeking Crypto Regulatory Clarity
As the 2020 U.S. Presidential race nears, ambitious candidates are eager to woo citizens with their proposed policies.
Only Andrew Yang, a notable figure in the #YangGang movement, comes across as having a clear crypto-forward agenda among these candidates.
Yang, a businessman holding around a one-percent national preference among 2020 Democratic hopefuls, made headlines in crypto circles with his electoral campaign focusing on clearer regulations for digital currencies.
Yang is advocating for policies that foster an environment accepting of technological innovation in crypto within the U.S. context. released a policy platform \"Crypto investments and digital tech are outpacing our legal systems. We need to inform businesses, individuals, and researchers about their trajectory, inspiring technology growth. The blockchain holds immense promise,\" emphasized Yang.
While Yang's chances of winning the presidency are slim, having someone of his pro-crypto persuasions in a top governmental position could invigorate U.S. crypto enterprises.
Though unable to unilaterally embed crypto-friendly laws, President Yang would have the authority to ratify them should Congress propose such changes.
William M. Peaster, a seasoned writer and editor, is deeply involved in writing about the Ethereum, Dai, and Bitcoin spheres. His work features on Blockonomi, Binance Academy, Bitsonline, among other platforms. FAan of monitoring smart designs, autonomous organizations, and the Lightning Network, he's honing his Solidity skills! Reach out on Telegram at @wmpeaster.
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