Today, in a media fray after its opening observations at the round table of the sec-cftc on regulatory harmonization efforts, the President of the Commission for the US securities and exchanges (sec) Paul Atkins expressed his excitement in bringing the tokenized titles to the chain, although he has not offered any understanding of which platforms or protocols could be exchanged.
The latter can be particularly important for Bitcoin enthusiasts, because the wallets you use to exchange tokenized titles on Chain will probably require identifying information and this rule could pour on Bitcoin wallets.
So, I asked the president how the titles on Chain seemed: it would seem fenced platforms such as Fidelity and Charles Schwab who use blockchain to solve transactions on the back-end or would it seem more like the tokenized actions exchanged on decentralized exchanges?
He did not answer my questions directly.
Instead he first shared the way in which commercial titles on blockchain can reduce regulation times.
“The grandiose thing about the token [is that] You can have a payment and the exchange of the actual online activity at the same time: it is Z Zero, substantially instantaneous authorization, “President Atkins told me.
And he followed this statement with a slightly worrying language.
“So, perhaps we will even have to build like a bump to make sure you have no mistakes or money for the wrong place,” added the president. “We will work realistically for next year or two to try to arrive where we have good guardrail around the system.”
Words like “Speed Bump” and “Guardrails” triggered the alarm bells, while they indicate some form of control and where there is control, often there is Kyc.
If the tokenized titles end up negotiating in the walled gardens of traditional brokers, the problem of Kyca is not so worrying, since these platforms already have their customers.
The problem becomes more critical if the tokenized titles can be exchanged through protocols such as UNISWAP via portfolios such as Metamask and Trust Wallet, which would probably be required for Kycc of its users.
If this happens, the following questions arise: will this lead to all the cryptographic wallets to having their users do kyca? In the end, this rule bleeds on bitcoin wallets?
Based on my interaction with the president, I had the impression that he currently does not have the answers to these questions. That is, it was not as evasive as it did not seem to know how the largest photo appears around the tokens titles right now, while waiting for the Congress to act.
Much of the regulation of the cryptocurrency market is in the balance while the Senate discusses and reviews the law on clarity (clarity), the bill on the structure of the market of digital activities. The president declared to pay attention to clarity while making his way through the legislative process.
“There is the law on the market structure that has eliminated the house and is now [being discussed] In the Senate, “he said.” We will see what happens. “
Bitcoin magazine will follow President Atkins on this issue when and if the clarity passes.
In the meantime, if you want to protect your right to use your Bitcoin portfolio privately and without permission, be sure to contact your elected officials as part of Satoshi needs your campaign.