The CBRTF: (i) is a US-based non-profit (registration pending), globally operating independent regulatory organization that does not operate any markets or have any financial interests; (ii) is not a trade or exchange association or commission; (iii) will request the voluntary Membership and cooperation of exchanges, ICOs, blockchain start-ups, smart tokens/contracts developers, and all other relevant sell-side crypto-market participants; (iv) will perform due diligence and investigatory functions on behalf of investors and crypto-consumers; (v) will enact and enforce rules and standards that represent global industry best-practices; and (vi) will assist and support all existing national government regulatory agencies and commissions.
The CBRTF is seeking the support, affiliation, and the collaboration of the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”). Similar to how the SEC leverages organizations like the Financial Industry Regulatory Authority (“FINRA”) to effectively regulate broker-dealers, the CBRTF seeks to perform the same function for CC exchanges, platforms, smart tokens/contracts, and ICOs.
We hope to serve as a supplement to the existing SEC and CFTC regulatory structure. Our focus will be directed at regulatory concerns that have yet to be adequately addressed. Regulating “commodities” and “securities” that involve multifaceted amalgamations of code requires a heightened understanding of the technology. For example, there are several gaping holes: (1) diligence procedures, (2) financial management standards, (3) conflict of interest rules, (4) surveillance protocols, (5) cybersecurity requirements, and (6) enforcement.
We are currently seeking funding/donations from interested parties and market participants that share our goals. Our mission statement inures to the benefit of the cryptocurrency market as a whole. We believe that additional regulatory oversight is not only necessary, but inevitable, and we aim to assure that market participants have the opportunity to be heard and substantially involved in the decision process.
The Force is additionally dedicated to:
(1) facilitating meaningful and substantial discussion and collaboration among industry professionals, legal and regulatory specialists, government actors, technical blockchain experts regarding cryptocurrency and blockchain payment system law and regulation;
(2) providing clear standards for ICOs and blockchain start-ups;
(3) analyzing recent SEC and CFTC decisions and enforcement actions and drafting Comment Letters to the SEC and CFTC, when necessary, regarding emerging regulations, recent decisions, and new regulatory proposals;
(6) identifying and investigating fraudulent ICOs; and
(7) assuring that market participants are in compliance with CBRTF Membership rules.
The “wild wild west” or “regulatory sandbox” approach is over. Soon investors and crypto-consumers will be able to invest and participate in the market with confidence. While our current approach has enabled us to bridge the gap from the early stages of blockchain to today’s environment, steps must be taken to assure a safe and efficient marketplace. The industry deserves an effective regulatory task force and the CBRTF is prepared to lead the way.
Author & President of the CBRTF: Braeden Anderson
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