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Bakkt COO says regulators will move at their own pace while ICE, Bakkt move at a startup’s pace

Akash Anand

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Bakkt COO says "Regulators will move at a pace they are comfortable with"
Source: Pixabay

The impact of cryptocurrencies on the real world has been a topic discussed by several proponents and critics of the space. Most developments and updates have tried to integrate the cryptosphere with mainstream finance. At the recently concluded FIA BOCA 2019, several luminaries from the world of cryptocurrencies spoke about the future of digital assets and the current regulatory climate.

Adam White, the Chief Operating Officer of ICE’s Bakkt, spoke about the regulatory clarity Bakkt had received since its inception. White stated,



“The main advantage of Bakkt and ICE is that ICE takes opaque commodities and objects and creates regulatory clarity. It did it with energy, it did it with credit and now it plans to do it with crypto. One thing that a lot of people don’t realize is that most of the regulations rely on partnerships.”

The Bakkt COO further added that the organization enabled people in the regulatory space to understand technicalities such as “what a hard fork is and what is a deep chain de-org”. According to him, regulators will move at a pace they are comfortable with, which in turn meant that ICE and Bakkt would have to move at a startup’s pace.  In his words,

“This is a marathon, the winners and losers will not be revealed overnight.”

The panel also included Thomas Chippas, the Chief Executive Officer of Eris X, who added on to the points raised by Adam White on regulations. Chippas claimed that a majority of the exchanges were approaching other exchanges for opportunities and were extremely tech-focused. He stated,

“As you engage with regulators in the market, I have found out that no regulator will go out of their way to stop someone from doing something. There is a lot of knowledge and education in the space, with the CFTC being the main example of a forward-thinking body. I think there is a cultural incongruence because there is a lot of money involved and everyone wants the bodies to decide on something really quickly.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

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Montana State makes a move in favor of crypto-space as the law recognizes utility tokens as not securities

Priya

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Montana state makes a move in favor of crypto-space as the law recognizes utility tokens as not securities
Source: Unsplash

The United States has always been the highlight of the cryptocurrency space in terms of its regulation, with some states introducing laws in its favor and others deciding to not make an official stance. In terms of laying crypto-friendly rules and regulation, Wyoming has always been one of the most recognized state, while the most hostile one is deemed to be New York.

Colorado made headlines earlier this year, with the Digital Token Act that exempts utility tokens from state securities law being signed by the governor in early March 2019. Notably, in the same month, Wyoming State Senate also passed House Bill 70, Utility Token Bill.

Now, another state has joined the bandwagon by making a similar move. Drew Hinkes, Attorney at Carlton Fields, stated that the State of Montana recognizes utility tokens and exempts it from state securities law. The initial announcement pertaining to this bill was made in February 2019, where Montana House Bill was introduced to “Generally revise laws relating to cryptocurrency”.

The Attorney stated on Twitter,

To this, Caitlin Long, the Co-Founder of Wyoming Blockchain Coalition stated,



“Congrats to #Montana for joining #Wyoming & #Colorado in recognizing that #utilitytokens are not securities under state law!”

Montana also made headlines because of news pertaining to cryptocurrency mining regulation. According to a local news portal, Missoula County commissioners had directed its staff to outline an interim law that regulates the cryptocurrency mining industry. The decision to introduce laws on crypto-mining was made due to concerns pertaining to electricity consumption, with the county prompting the use of renewable energy for mining.

Commissioner Cola Rowley had stated,

“This isn’t throwing ice on economic development or saying that industries aren’t welcome here because we’re an unfriendly environment that hates progress. Cryptocurrency and economic development – bringing businesses here – are two very different things.”





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