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More than 50 representatives of crypto, Wall Street and venture capital firms travelled to Washington DC on Tuesday with a clear message: Regulate crypto currencies or the country will lose the connection.

The USA will stay behind

During the “Legislating Certainty for Cryptocurrencies” event hosted by Warren Davidson, it became clear that the invited experts from Nasdaq, Andreessen Horowitz, Fidelity, Coinbase and the U.S. Chamber of Commerce were dissatisfied with the way the U.S. regulators have dealt with crypto currencies so far.

The US Securities and Exchange Commission (SEC) uses the “Howey Test” to classify crypto currencies as securities, as there is no legal definition for crypto currencies. The test stems from a 1946 Supreme Court decision that interpreted investment contracts as securities. Contemporary? Rather not. The crypto experts, who regard the Howey test as outdated, also find that. And unfortunately the SEC chairman Jay Clinton is of the opinion that one does not have to renew or adapt old laws, in order to become fair the crypto technology. So the regulatory uncertainty remains.

Carla Carriveau, former SEC Senior Regulatory Counsel at Circle, said that only the US Congress could push ahead with regulation. Older standards would have to be changed for crypto currencies. Then it would also be easier for the SEC to find suitable laws and it would not have to check every crypto currency in the individual case procedure. Muke Lempres, head of the Coinbase crypto exchange’s legal department, claimed that crypto currency companies want the same thing as regulators: a fair and orderly market.

“Entrepreneurs flee to other countries”

The participants also discussed the question of how ICOs should be evaluated. The consensus was that utility tokens differ from securities and therefore the SEC should not be responsible, but the CFTC. If there is no appropriate regulation, the evil could end: ICO companies will flee to crypto-friendly countries. After the introduction of BitLicense, the New York Bitcoin Act, the industry has already experienced a mass exodus of various companies. In addition, the US is harming its own companies by creating a competitive disadvantage as a result of the confused legislation, said Jesse Powell, CEO of the Crypto Exchange Kraken. Foreign entrepreneurs can raise more money and permanently eliminate competition from the US.

About The United States of America

The United States of America is a country between the Atlantic and the Pacific. The country has a total area of 9,831,510 km² and a total coastline of 19,924 km. This area is about 27.5 times the size of Germany. The United States of America is the third largest country in the world after Russia and Canada. With 33 inhabitants per km² it is also the least populated country in America.

The country has 18,617 mostly uninhabited islands. Direct national borders exist to the 2 neighbouring states Canada and Mexico. The distance between Berlin and the capital Washington, D.C. amounts to approximately 6,720 km.

For a country with a north-south extension of more than 5000 km it is not possible to describe the climate in general. A predominantly temperate climate zone determines the weather in the USA. As everywhere in the northern hemisphere, the days in the summer months are not only warmer, but also longer. The average daily maximum temperatures are between 6 and 31 degrees, depending on the season. In some parts of the country, temperatures can reach 38 degrees during the day. In the colder months, the temperature drops at night to -4°C in the monthly average, depending on the region.