The US Chamber of Commerce is demanding clearer regulations for cryptocurrencies and any activities related to them, including Initial Coin Offerings (ICOs).
The request is a part of the Chamber’s new FinTech Innovation Initiative, which released its first report last week, outlining 8 FinTech principles to be presented to legislators and regulators.
The Chamber urged the Securities and Exchanges Commission (SEC) to continue studying ICOs to see how they can be an effective tool for raising capital while protecting investors and ensuring applicable laws are met. The organization also recommended the Commodity Futures Trading Commission (CFTC) to study how cryptocurrencies are functioning in the futures and commodities market.
The Chamber also addressed the Consumer Financial Protection Bureau (CFPB), saying it “should adopt a robust no-action letter and advisory opinion process that gives innovators the opportunity to receive regulatory certainty they need to be successful”.