Global interest in cryptocurrency has been on the rise for quite some time now. While it is evident that consumers and even financial institutions are quite keen on this new industry, it seems governments are taking notice as well. The US Federal Trade Commission, for example, will organize a full-blown cryptocurrency workshop in June of this year.
The FTC Takes Notice of Bitcoin and Altcoins
It is good to see government agencies pay some positive attention to cryptocurrency in this day and age. Over the past few years, we have seen most governments oppose Bitcoin and similar currencies due to concerns over fraud, money laundering, tax evasion, and so forth. Although these concerns are still present today, it seems that a more open-minded mindset has been adopted.
To put this into perspective, the SEC has been attempting to create a more legitimate ICO industry. By weeding out companies violating securities laws and potentially defrauding investors, it’s taken a positive stance toward cryptocurrencies. Although this doesn’t affect Bitcoin and most altcoins themselves, it does show there is no intention to ban cryptocurrency in the US as of right now, which is good to see.
Moreover, the Federal Trade Commission is taking a proactive step toward better understanding cryptocurrencies. Gaining an understanding of what consumers are interested in is a top priority as of right now. One cannot regulate an industry without knowing its ins and outs, as doing so would only have an adverse effect in the long run. This is why China’s efforts to ban cryptocurrency have had the opposite effect, as local traders have flocked to OTC markets to get their hands on Bitcoin rather than use centralized platforms.
The FTC’s workshop will take place in Chicago and primarily focus on scams involving cryptocurrencies. Although most people would prefer otherwise, there are still a fair few scams associated with the cryptocurrency industry. Getting rid of these bad actors will be a big challenge and seemingly warrants government intervention of some sort.
Moreover, the workshop will bring together consumer groups, law enforcement, research organizations, and the private sector. Investigating potentially deceptive investment and business opportunities will be one of the topics of conversation. Additionally, there will be talks about “deceptively marketed mining machines”, which seems to indicate the group is somewhat concerned about Bitmain’s recent release of ASIC miners even though the company knows full well that the devices will not be profitable for anyone buying them.
Whether or not this workshop will have an immediate impact on the cryptocurrency industry remains to be seen. It is good to see the FTC focus on this growing industry, even though there is still a lot of work to be done in this regard. A free workshop to gain a better understanding of this new form of money is a positive development for the industry as a whole and may spark an entirely new era for Bitcoin and altcoins.