Title: Blockchain And The Law: Regulations Around the World | OpenLedger Insights
Headings: Blockchain And The Law: Regulations Around the World
Blockchain And The Law: Regulations Around the World
Indirect and Direct Regulations
Direct regulations: when laws governing the blockchain-related technology are officially introduced by the government.
Indirect regulations: when blockchain companies have to follow the general regulations imposed on tech companies as well as those specific to blockchain compliance.
The United States
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About The Author
Darya Yafimava

Content: While they sound different, the following three classifications are very similar to each other and, in short, allow several agencies to collaborate on regulatory and enforcement matters: The U.S. Internal Revenue Service defines cryptocurrency as assets for taxation purposes
The Commodities Futures Trading Commission (CFTC) defines cryptocurrency as a commodity
The Securities and Exchange Commission distinguishes digital currency as a security
Interestingly, while the U.S. government has spoken on the extensive regulations of the cryptocurrency industry, it’s been fairly quiet on other blockchain-related business models. There are no clear regulations that are currently present in that department. However, SEC did release several statements over the last 12 months regarding the activities of fundraising through an ICO or token sale, deeming them as securities. Federal Trade Commission (FTC) went further and created a Blockchain Working Group, which primary goal is to crack down illegal and fraudulent schemes arising in the marketplace from time to time. Additionally, the Group also focuses on three more goals: building FTC staff expertise in cryptocurrency and blockchain technology
assisting internal and external communication on enforcement actions
providing a forum for discussing potential influences on FTC’s objectives and how to respond to them
The group has been staying pretty active, and has brought several notable lawsuits over the years. In 2018, FTC had U.S. Federal Court to shut down a group of individuals involved in deceptive practices. In 2016, they also brought up a case against Butterfly Labs, for deceiving customers about profitability and age of the mining machines. However, FTC does not only enforce but educates as well.