William Barr, the US Secretary of Justice, has published the official guidelines for bitcoin markets. These relate, in particular, to the responsibilities that stock exchanges, for example, have in the industry.
The ‚Cyber-Digital Task Force‘ has compiled the guidelines. The official name for the rules is Cryptocurrency: An Enforcement Framework.
Explanation
Documents and plans of this kind are mainly used by lawyers and policymakers at companies in the world of bitcoin. In a press release, the Ministry of Justice explains the new line further.
„The guidelines provide a comprehensive overview of emerging threats and enforcement challenges related to the growing influence and use of cryptocurrency!“
AMERICAN MINISTRY OF JUSTICE
It is, in fact, America’s strategy with regard to enforcement of the rules surrounding trade in and around bitcoin.
The lengthy report itself includes 83 pages of content on crypto, its „legitimate uses,“ its „illicit uses,“ applicable regulating bodies, and a game plan going forward.
Reason
This announcement does not come out of the blue. Earlier this month there was striking news from America. BitMEX is one of the largest bitcoin derivatives exchanges in the world and they have been sued by the Commodity Futures Trading Commission (CFTC) and the Ministry of Justice.
BitMEX and the people behind the operation are said to have broken many US rules. Like many other countries in the world, America is trying to put the bitcoin industry in a legal straitjacket.
Evolution
Barr says something striking in his statement about the rules: „Cryptrocurrency is a technology that can fundamentally change the way people interact with each other.“
The politician also says that it can possibly change the whole construction of a society. Of course, that has to be done according to the rules of the state.
Curious about how the rules work in the Netherlands? In the podcast below, we will discuss with Bitcoin Meester how they have handled their registration with the Nederlandsche Bank.