Bill Powers Comments on Security vs. Commodity Battle in the Crypto Space
Bill Powers was quoted in the Crunchbase article “Mergers & Money: Security or Commodity? Crypto Would Just Like to Know.” The article provides an overview of the ongoing debate over whether cryptocurrencies should be categorized as securities or commodities. As the article states, currently “crypto [is] being regulated by the Commodity Futures Trading Commission – not the SEC. That position has only seemed to be strengthened by newly proposed bills such as this month’s Digital Commodities Consumer Protection Act of 2022 and the Responsible Financial Innovation Act announced in June, which seek to put new regulations on the growing digital assets space but seemingly would keep the industry under the purview of the Commodity Futures Trading Commission.”
Where this leads is uncertain, but one thing is certain, the discussion of how crypto is defined and categorized is just getting underway.
Commenting for the article, Bill claimed, “I think this is the beginning of this debate as to how it’ll be regulated.” He added, “While crypto regulation bills have been proposed, President Joe Biden’s executive order on crypto from March asked for a report from all relevant government agencies on the future of money and payment systems – so the conversation is still very much evolving.”
To close, Bill mentioned those in the market would like answers on how crypto will be regulated in the near term. “The common theme is people want clear rules…They want to know what definition applies. They want clarity.”
The article notes Bill has “worked with crypto advocacy groups concerning lobbying compliance.”