Regulations Round-Up: SEC “Underwhelmed” by Exchanges’ Reporting, Quebec Halts New Mining Operations Again

In recent regulatory news, Brett Redfearn, the director of the United States Securities and Exchange Commission (SEC)’s Division of Trading and Markets, has described the self-reporting efforts of cryptocurrency exchanges as “underwhelm[ing],” Hydro-Quebec has again suspended new applications from mining companies seeking to operate in the province, and the SEC has published a new page on its website encouraging consumers to “Get hip to the three ‘Rs’ of ICOs: Risks, Rewards, and Responsibilities.”

SEC Director “Underwhelmed” by Self-Reporting Among Crypto Exchanges

Brett Redfearn, the director of the SEC’s division of trading and markets, stated that the regulator is “underwhelmed” by the efforts made by cryptocurrency exchanges to conform to the agency’s registration and self-reporting requirements during an interview with CNBC at the Global Exchange and Brokerage Conference last week.

“We’re underwhelmed by the enthusiasm for coming within the regulatory structure right now,” Mr. Redfearn stated. “There are [so many] exchanges that are trading ICOs that I would think that we would see more registrations.”

Mr. Redfearn also declined to comment on whether ETH or XRP comprise securities, however, stated that the SEC will issue statements regarding “at least one of those products forthcoming in the future.”

Hydro-Quebec Again Suspends Applications for Mining Projects

Canadian state-owned utility provider and the fourth largest hydropower producer in the world, Hydro-Quebec, has again halted new applications from prospective cryptocurrency mining operations.

The halting of new applications was spurred by a request from the provincial government that Hydro-Quebec restrict the total power allotted to cryptocurrency miners to no more than 500 megawatts – a small fraction of the 17,000 megawatts thus far requested by mining companies seeking to operate in Quebec…

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