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As of February 2018, the Chinese Government halted trading of virtual currency, banned initial coin offerings and shut down mining. Some Chinese miners have since relocated to Canada.[32] One company is operating data centers for mining operations at Canadian oil and gas field sites, due to low gas prices.[33] In June 2018, Hydro Quebec proposed to the provincial government to allocate 500 MW to crypto companies for mining.[34] According to a February 2018 report from Fortune,[35] Iceland has become a haven for cryptocurrency miners in part because of its cheap electricity. Prices are contained because nearly all of the country's energy comes from renewable sources, prompting more mining companies to consider opening operations in Iceland.[citation needed]

As the SEC was gridlocked, the Financial Stability Oversight Council promulgated its own suggested money market reforms and threatens to move forward if the SEC doesn’t button it up with an acceptable solution of their own on a timely basis. The SEC has argued vociferously that this is "their area" and FSOC should back off and let them handle it, a viewpoint shared by four former SEC Chairmen Roderick Hills, David Ruder, Richard Breeden, and Harvey Pitt, and two former commissioners Roel Campos and Paul S. Atkins.[27]


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According to PricewaterhouseCoopers, four of the 10 biggest proposed initial coin offerings have used Switzerland as a base, where they are frequently registered as non-profit foundations. The Swiss regulatory agency FINMA stated that it would take a "balanced approach" to ICO projects and would allow "legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with national laws protecting investors and the integrity of the financial system." In response to numerous requests by industry representatives, a legislative ICO working group began to issue legal guidelines in 2018, which are intended to remove uncertainty from cryptocurrency offerings and to establish sustainable business practices.[50]

As of February 2018, the Chinese Government halted trading of virtual currency, banned initial coin offerings and shut down mining. Some Chinese miners have since relocated to Canada.[32] One company is operating data centers for mining operations at Canadian oil and gas field sites, due to low gas prices.[33] In June 2018, Hydro Quebec proposed to the provincial government to allocate 500 MW to crypto companies for mining.[34] According to a February 2018 report from Fortune,[35] Iceland has become a haven for cryptocurrency miners in part because of its cheap electricity. Prices are contained because nearly all of the country's energy comes from renewable sources, prompting more mining companies to consider opening operations in Iceland.[citation needed]


While they sound highly similar, a money market fund is not the same as a money market account (MMA). The former is an investment, sponsored by an investment fund company, and hence carries no guarantee of principal. The latter is an interest-earning saving account offered by financial institutions, with limited transaction privileges and insured by the Federal Deposit Insurance Corporation (FDIC).
From the outset, money market funds fell under the jurisdiction of the SEC as they appeared to be more like investments (most similar to traditional stocks and bonds) vs. deposits and loans (cash and cash equivalents the domain of the bankers). Although money market funds are quite close to and are often accounted for as cash equivalents their main regulator, the SEC, has zero mandate to control the supply of money, limit the overall extension of credit, mitigate against boom and bust cycles, etc. The SEC’s focus remains on adequate disclosure of risk, and honesty and integrity in financial reporting and trading markets. After adequate disclosure, the SEC adopts a hands off, let the buyer beware attitude.
If this sounds similar to banks’ high-yield savings accounts or money market accounts, it is. The largest difference lies in the ability for yields on money market mutual funds to rise proportionately with interest rates. For example, as interest rates have risen, the yields on most bank  money market accounts (which are set by the banks themselves) have stayed relatively flat, while money market mutual fund yields have increased.