After warning investors back in 2017 to stay away from cryptocurrencies and masterminding an “aggressive crackdown” against ICOs, the office of the Massachusetts Commonwealth led by Secretary William Gavin has decided to try a new approach to the young industry.
The American Banker reported on March 7 that the regulators had formed a new advisory group with a focus on the fintech industry and the use of cryptocurrencies. The new group primarily consists of legal experts, academics, leaders in blockchain startups, representatives from Boston-based Eastern Bank as well as other big players in the fintech space.
Following the formation of the group, Gavin explained what his agency hopes to achieve with the new move. He said,
“This collaboration will help advise securities regulators on meeting the novel demands of this rapidly growing space.”
To onlookers though, the new move may resemble another effort by the Commonwealth Secretary to clamp down on more crypto projects and stifle the growth of the industry in the coming months.
That, however, is not true according to Sharon Goldberg, the CEO of Arwen, a blockchain startup selected to form part of the new group. Sharon stressed that she would never join the movement if the only purpose were to enforce actions on crypto projects.
On the other hand, she expressed the conviction that the new advisory group would be one that benefits the crypto industry in the long run, especially with regards to how much companies spend to remain compliant with rules that they “may not actually know.”
Hopefully, Massachusetts new fintech advisory group will come up with recommendations that foster the growth of the crypto ecosystem within the U.S State.
Meanwhile, Stmarket.co reported the creation of a similar advisory group consisting of 30 members in Italy. Italy’s advisory group is expected to identify public and private sectors where authorities would implement blockchain technology to good effect.
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