Mon, January 30, 2023

Crypto Rotating Council, CrossTower and Regulations

Swiss lawmakers and crypto industry

Cryptocurrency exchanges continue to expand their services. However, it is not easy to comply with regulations. Hopefully, thanks to Crypto Rotating Council it is easier to learn more about the cryptocurrency exchanges. 

Recently, cryptocurrency exchange CrossTower became a member of the Crypto Rotating Council (CRC). Interestingly, there are 12 members and CrossTower is the newest member. Moreover, their existing membership includes Coinbase, Cumberland, Anchorage, and Genesis Global Trading. 

According to the Crypto Rotating Council, its mission is to provide a more systematic U.S. securities law analytical framework for crypto assets. Moreover, the CRC is a diverse group of leading crypto businesses. Members of this council understand the importance of responsible growth. Also, the CRC wants to help to create related financial infrastructure and trading services. Moreover, it is promoting regulatory clarity in the industry.

Crypto Rotating Council and U.S. securities lawCRC and U.S. securities law

CrossTower is a cryptocurrency exchange based in New York. This exchange made the right decision as by joining the CRC, they made a step forward and clients will appreciate this decision. 

It is worth noting that, rankings configured by the CRC provides interesting details. For instance, the council is trying to rate crypto assets involved in legal framework compliance in the U.S. 

Let’s have a look at the rankings. The lowest CRC score of 1 implies that an asset has a few or no characteristics of a security. However, a score of 5 indicates characteristics that fully comply with U.S. securities law. 

 CrossTower’s co-founder Kristin Boggiano, underlined the importance of this decision. They want to play a more active role in the process of crypto adoption, by promoting standards among other objectives. 

At the moment, CrossTower offers five of the most widely traded currencies such as Bitcoin, Ether, Litecoin, USDC, Bitcoin Cash, and Zcash. Moreover, the crypto exchange plans to introduce additional assets and services later this year. Interestingly, the additional assets as well as services offered by CrossTower will be part of CRC oversight as well. 

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