The U.S. Securities and Exchange Commission (SEC) has shown a positive change in its approach to blockchain standards.
President of the ERC-3643 Association, Dennis O’Connell, believes the SEC is now more open to blockchain standards, marking a shift in cryptocurrency regulatory policy.
MAIN CONTENT
The SEC has a marked change in attitude towards blockchain.
The ERC-3643 Association plays an important role in promoting blockchain standards.
Dennis O’Connell's statement reflects expert opinion and positive expectations.
How has the U.S. Securities and Exchange Commission changed its view on blockchain standards?
According to the expert opinion of Dennis O’Connell, President of the ERC-3643 Association, the SEC has made positive changes in tone and acceptance of blockchain standards.
This is a sign that the agency no longer views blockchain solely from a risk perspective but is gradually expanding into technology and technical standards. Previously, the SEC was often cautious and even adamant about non-compliant cryptocurrency products, but it now tends to collaborate more with standard-setting organizations to ensure transparency and protect investors.
"The SEC has clearly shown a change in attitude, demonstrating more openness to blockchain standards - which is essential for achieving stability and sustainable development in the cryptocurrency market."
Dennis O’Connell, President of the ERC-3643 Association, 06/2024
What role does the ERC-3643 Association play in developing blockchain standards?
Led by Dennis O’Connell, the ERC-3643 Association is a pioneering organization in proposing and promoting technical standards for Tokens on the Ethereum platform, contributing to clarifying the legal and technical framework for the cryptocurrency market.
ERC-3643 provides standards for the security and management of Token ownership, attracting the attention of regulators like the SEC, helping to establish trust for investors and businesses adopting blockchain technology.
"The ERC-3643 standard not only builds trust with lawmakers but also helps the cryptocurrency market move closer to official recognition."
Dennis O’Connell, President of the ERC-3643 Association, 06/2024
What impact does the SEC's openness have on the cryptocurrency market?
The SEC's change in attitude opens up significant opportunities for developing compliant cryptocurrency products, minimizing legal disputes and enhancing investor protection.
This also encourages blockchain businesses to invest more in research and development of technical standards; thereby improving the quality of products and services in the market and contributing to minimizing risks from fraudulent or non-transparent activities.
What practical examples show how this change has impacted?
In 2024, several blockchain projects have collaborated with the SEC to build a reporting and compliance control system based on the ERC-3643 standard, helping them to quickly obtain approval for the circulation of legal Tokens.
Some Token issuance companies have reported increased investor confidence after adopting these standards, helping them raise capital more effectively and expand product development.
Frequently Asked Questions
What is the SEC and what is its role in cryptocurrency?
The SEC is the securities regulatory agency in the United States, responsible for overseeing financial trading activities including cryptocurrency to ensure transparency, protect investors, and prevent legal risks.
What role does ERC-3643 play in blockchain?
ERC-3643 is a Token standard on Ethereum that helps manage ownership and security, thus creating a strong technological and legal foundation for blockchain projects.
How does the SEC's openness affect investors?
Openness helps investors to be better protected thanks to clearly established standards and transparent control from cryptocurrency products.
Will the ERC-3643 standard be widely applied?
With support from organizations and regulators, ERC-3643 is gradually being adopted by more blockchain projects and developers to enhance legality and transparency.
Will the SEC's changes help the cryptocurrency market develop sustainably?
Yes, the SEC's positive change in accepting blockchain standards lays the groundwork for long-term, safe, and transparent market development.
Source: https://tintucbitcoin.com/chuan-moi-ethereum-duoc-sec-nghien-cuu/
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