SEC’s Gensler Supports Commodities Regulator Having Bitcoin Oversight

YOSHIE

legendary

Activity: 2128

Merit: 1775

I've read about SEC & Congress policies on this, if I'm not reading it wrong several subcommittees and several members of Federal regulators have written to the SEC & Congress in their concerns about exchanges and fraud especially related to crypto.

But the SEC and Congress are still unclear on how to support and supervise crypto exchanges & tokens.
Gensler said.

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Gensler said the rules set out in the nearly 90-year-old securities law should apply to cryptocurrencies.

Whereas Congress said.

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Congress has refined and amended this major law, adding, among other things, oversight of the clearing house and the over-the-counter securities market.

Added to this statement.

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SEC securities laws are almost a century old. Regarding whether the regulation will be refined or passed, it all depends on the decision of the US Congress. Nevertheless, it is not yet known whether the 90-year-old law and still being used by the SEC can be applied to new assets called cryptocurrencies or not.

my vision: Cryptariat Coin Securities Is Not Clear, SEC Chair Gary Gensler Crypto Project Desuk To Register To Regulators.

According l to what I have seen and read, it is clear that this will cause confusion, especially from the crypto industry, regarding the lack of clarity regarding the categories of commodities or securities that must be applied and followed.

Lucius

legendary

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Merit: 5637

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Quote from: hugeblack on September 08, 2022, 12:13:17 PM

~snip~
I do not think that much will happen during this year, but if we reach 5 trillion in the near time, I think that regulation will inevitably come.

I am of the opinion that for the authorities and the law, this area is still perceived as quite harmless, at least if we take that famous market cap as the main criterion. We know that this measure is something that is completely manipulative when talking about the total market cap, but Bitcoin at $100k would amount to about $2 trillion, with at least that much more for all altcoins.

The more money there is in that game, the more interest there will be in regulating it - and until then, they will let the little baby play its carefree game (I refer to Brad Sherman's statement in Libra case "Bitcoin is a small baby here").

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Will both the sec and the cftc argue it's not their area of authority/expertise though. Is crypto the only thing to not meet the criteria for a security or a derivative? It seems like it'd be more reasonable to have a parent agency of the two that deals with anything that can't be described as matching either if both would have trouble regulating it (as they seem to be saying they would).

hugeblack

legendary

Activity: 2688

Merit: 3983

Mr. Gensler, speaking at an industry conference, said Thursday he looked forward to working with Congress to give the Commodity Futures Trading Commission added power, to the extent the agency needs greater authority to oversee and regulate “nonsecurity tokens… and the related intermediaries.”

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“Let’s ensure that we don’t inadvertently undermine securities laws,” he said. “We’ve got a $100 trillion capital market. Crypto is less than $1 trillion worldwide. But we don’t want that to somehow undermine what we do elsewhere.”

Source ---> https://www.wsj.com/articles/secs-gensler-supports-commodities-regulator-having-bitcoin-oversight-11662641115

We can read this news with the part that In May, the SEC nearly doubled the staff of an enforcement unit focused on cryptocurrencies.

I do not think that much will happen during this year, but if we reach 5 trillion in the near time, I think that regulation will inevitably come.

Topic: SEC’s Gensler Supports Commodities Regulator Having Bitcoin Oversight (Read 191 times)