Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Cryptos Fall as U.S. Lawmakers Ask SEC to Clarify ICO Regulation

Published 10/01/2018, 10:25 AM
Updated 10/01/2018, 10:25 AM
© Reuters.  Bitcoin was lower on Monday.

© Reuters. Bitcoin was lower on Monday.

Investing.com - Cryptocurrencies were lower on Monday as four U.S. Congressmen asked the U.S. Securities and Exchange Commission to clarify the regulatory status of initial coin offerings.

In a letter from Friday to Jay Clayton, chairman of the SEC, U.S. lawmakers Warren Davidson (R- OH), Ted Budd (R- NC), Tom Emmer (R-MN) and Darren Soto (R-FL), asked the regulator to make its position on ICOs more clear.

According to the letter, the uncertainty regarding digital tokens “is hindering innovation in the United States” and they “believe the SEC could do more to clarify its position.”

As digital tokens have risen in popularity, governments around the world have struggled to regulate the alternative currencies and agree whether the product is a securities or a commodity.

Bitcoin lost 1.55% to $6,558.70 on the Bitfinex exchange, as of 10:24 AM ET (14:24 GMT).

Cryptocurrencies overall were steady, with the coin market cap of total market capitalization at $221 billion at the time of writing.

Ethereum, or Ether, fell 4.27% to $227.85 and Litecoin was at $59.875, down 2.85%, while XRP decreased 10.37% to $0.55383.

In other news, Ripple and other companies are forming a lobby group in Washington. Called the Securing America’s Internet of Value Coalition, it seeks to promote a fair tax treatment on crypto-related capital gains, assets and charitable contributions.

“We understand this is really complicated, and there is a lot of misinformation out there. The good news is there is a lot of interest in this topic in D.C,” said Chris Larsen, Executive Chairman of Ripple. “It gives them some upside and gives them some risk. Hopefully, it gives them a taste of the industry in a way that hits home.”

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.