In line with a recent official ‘web-blog post‘ published, renowned cryptocurrency exchange ‘Poloniex’ will halt the offering of around 9 coins to U.S. based customers citing uncertain regulations.
Following from 29th May, Poloniex will stop offering trading in Ardor [ARDR], Bytecoin [BCN], Decred [DCR], GameCredits [GAME], Gas [GAS], Lisk [LSK], Nxt [NXT], Omni Layer [OMNI], along with Augur [REP] for its users within the region of United States Trading with the above mentioned assets will stay accessible for the exchange’s users outside the U.S.
Poloniex added that this decision was motivated by the uncertain regulative ecosystem within the country. “Specifically, it’s inconceivable to be sure whether or not the United States regulators would consider these assets to be securities,” the exchange stated.
The legal status of ‘cryptocurrencies‘ remains unsure within the U.S. As reported earlier, the U.S. SEC’s [Securities and Exchange Commission] “crypto czar” Valerie Szczepanik added that platforms seeking to list IEO [Initial Exchange Offering] tokens for a fee might find themselves in regulative hassle. “If they’re not registered they’ll find themselves in hassle within the United States, if they have a U.S. issuer or U.S. buyers, if they’re in operational within the U.S. market,” Szczepanik added.
Earlier in April, the SEC ‘revealed‘ a ‘framework‘, developed by Szczepanik and another commissioner ‘Bill Hinman’, to assist market participants ascertain whether or not or not a digital asset is deemed to be an investment contract, and thereby a security.
SEC Chairman ‘Jay Clayton‘ along with CFTC’s Chairman ‘J. Christopher Giancarlo’ ‘stated‘ the importance of the agencies becoming more literate in digital assets and ‘blockchain‘ technology earlier this month. Giancarlo said that the ‘CFTC‘ should “be able to conduct independent market analysis across several other data sources, along with decentralised blockchains and networks, without being dependent on self-regulatory organisations and market intermediaries.”