Esther Pearce: "2021 should be a turning point in the regulation of cryptocurrencies in the United States"Esther Pearce: "2021 should be a turning point in the regulation of cryptocurrencies in the United States"
During a virtual conference organized by the UK Blockchain Association, a member of the US Securities and Exchange Commission (SEC) noted that officials are often too obsessed with the use of cryptocurrencies for criminal purposes and do not notice the benefits of digital assets. Pierce stated:
“Perhaps officials need to pause and consider cryptocurrencies from the other side - to assess their value in protecting people from illegal activities. With the absence of intermediaries, and the ease of storage, transfer and access, cryptocurrencies can become an important tool for people whose families are at risk and people living under the yoke of repressive governments. "
The Commissioner noted that the United States underestimates the prospects of cryptocurrencies to protect their citizens and officials do not rely on the evidence base when regulating digital assets. Pierce emphasized:
“We can achieve more and I hope that this year the attitude towards cryptocurrencies will change in the United States, which may induce other countries to treat them more positively. The SEC sees certain challenges in regulating digital assets, but also sees new opportunities. Of course, other jurisdictions will have their own peculiarities, but the general principles of regulation will be applicable there as well ”.
The SEC Commissioner recalled that the duty of regulators is to provide legal clarity for financial market participants so that they can invest in digital assets without being distracted by legal subtleties, as well as to ensure that such investments are protected.
Esther Pierce has repeatedly called for accelerating the development of cryptocurrency regulation in the United States. She also said that it is necessary to allow experiments in the field of decentralized financing.
Fortress Investment Group proposes to buy out claims of creditors of MtGox for $ 100 million
According to the letter, Fortress Investment Group is ready to compensate up to 80% of the claim amount to the lenders who submitted applications to the MtGox exchange that closed in 2014.
Fortress estimates that civil rehabilittion payments will begin no earlier than 2022, as the results of the vote on the new rehabilitation plan approved by the court will be announced only in October. Here is an excerpt from a letter written by Fortress Managing Director Michael Hourigan:
“The MtGox Trustee recently published a Civil Rehabilitation Plan that could enable lenders to get paid in 2022. According to our lawyer, this distribution will take place in the middle of next year. Instead of waiting another year to one and a half years, we offer a liquid option for lenders who want to receive fiat currencies or BTC right now. "
The firm committed $ 100 million to purchase these claims, betting that thousands of MtGox lenders would prefer to receive money faster, albeit at a slight discount. Fortress Payouts are based on a calculator created by Kim Nilsson to help MtGox lenders calculate their mid-2022 rehab payout.
MGIF LP is a division of Fortress Investment Group, one of the largest lenders of MtGox, which previously bought back the exchange's debts from many clients. Recall that according to the approved civil rehabilitation plan, the date for fixing the lists of voting creditors is March 24. According to the draft plan for the distribution of assets of the MtGox exchange, the priority will be those lenders to whom the exchange must compensate for small amounts and losses declared exclusively in fiat currency.
