Massachusetts Turns Supportive Towards Crypto

Massachusetts has shown a hostile stance towards cryptocurrencies and blockchain technology in the past. In a surprising turn on events, the state has launched a fintech advisory group that intends to support blockchain startups. American Banker, the financial outlet was the first to report this development.

The state’s top securities regulator, the office of the Secretary of the Commonwealth of Massachusetts recently launched this financial advisory group. It will help startups understand the security laws pertaining to blockchain technology so that they can comply effectively.

This advisory will focus on the grey areas that the regulations have left with major focus on crypto groups. It will features critical players from the traditional financial sector, legal experts as well as the fintech industry.

William Galvin, Secretary, the Commonwealth of Massachusetts is confident that this diverse set of experts will be the reason for the advisory’s success. He believes that rules should be clarified before being enforced. Sharon Goldberg, CEO, Arwen agrees with Galvin. 

In a talk with American Banker, Sharon said that unclear regulations and constrictions hold back mass crypto adoption. She further commented

“Enforcement actions are fine, but we first need to know what the rules are. [It] is challenging because you’re afraid you’re breaking a rule and you may not actually know what the rule is.”

The positive stance towards cryptocurrency is a welcome change. In fact, Galvin said in December 2017 that Bitcoin was nothing more but a bubble. He further stated that it is a worthless product that is open to manipulation through speculation. He had also ordered to stop five ICOs at the time that were offering unregistered securities.