Cryptocurrency/Blockchain Regulatory Task Force Adds New Standards

A Seton Hall University law student, Braeden Anderson has extensive knowledge of securities law and is presently a legal extern with FINRA. One area in which Braeden Anderson has a strong interest is cryptocurrencies and the regulations surrounding them. 

A recent BanklessTimes article by Braeden Anderson, the president of the Cryptocurrency & Blockchain Regulatory Task Force (CBRTF), brought focus to a new US-based nonprofit that is designed to augment the regulatory structures of the Commodity Futures Trading Commission and the Securities and Exchange Commission (SEC). 

Operating independently from financial interests and markets, the CBRTF requests the voluntary participation of crypto-market sell-side entities. These include blockchain startups, initial coin offerings (ICOs), and the developers of smart tokens/contracts. 

The aim is to set in place and enforce a set of standards and rules that have been designed as reflecting worldwide industry best practices. A focus is on regulatory issues that are at present inadequately addressed and reflect the technological complexity of “multifaceted amalgamations of code.” 

Areas of major CBRTF emphasis addressed include financial management standards, diligence and surveillance protocol, and conflict of interest rules. Compliance is seen as critical in bringing to a close the current “wild west” approach and ensuring consistent, transparent, and enforceable standards.