Maryland Bills Phone for Study, Possible Regulation of Blockchain
Subsequently, the commission could “contain recommendations for State activities to regulate cryptocurrencies in its own 2018 report to the juvenile and … the General Assembly about State action to regulate cryptocurrencies.”
Additionally, it noted that federal and state regulators were operating with a framework for regulating cryptocurrencies, however, no regulations have appeared in Maryland in the four years since.
The chief in blockchain information, CoinDesk is a press outlet that tries for the greatest journalistic standards and abides by a strict group of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies along with blockchain startups.
While the Maryland invoices do not spell out what sort any future regulations would require, they are part of a global surge in regulatory interest from the cryptocurrency space.
At the moment, the bureau noticed that cryptocurrencies were more innocent, also cautioned investors to do their own research prior to purchasing bitcoin or its cousins.
Recently the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have started more actively tamping back on initial coin offerings (ICOs) deemed fraudulent or in breach of the law.
Two statements before the Maryland legislature call for your U.S. nation to research and possibly regulate blockchain technology.
The statements are noteworthy, as Maryland has generally remained out of the cryptocurrency law fray. The last time that the state agency discussed the topic had been in 2014, when the Maryland Office of the Commissioner of Financial Regulation issued a warning to bitcoin investors.
The SEC in particular has launched a significant investigation into ICOs, and though the particulars of that probe are murky, chairman Jay Clayton has stated repeatedly that “every ICO” he has seen would satisfy up with the definition of a security.
Maryland flag picture via Shutterstock