As the debate over the U.S. Securities and Exchange Commission’s (SEC) jurisdiction rages on, the agency head has an opinion. The SEC chairman, Gary Gensler, disclosed that the public should expect robust guidelines from the commission.
According to Gensler, a working regulatory framework, from Congress to the SEC, is in place to safeguard crypto-asset investors. Contrary to what many people believe, the SEC Chair noted that the agency is equipped to oversee the United States’ cryptocurrency ecosystem.
Gary Gensler Hints on Regulations’ Expectations
Accordingly, the U.S. SEC Chair highlights what the public should know about the commission’s activities. In a recent interview with Yahoo Finance Live, Gensler stated that the public would benefit in many ways.
The most important part of the SEC’s job is to ensure investor protection as they transact with the crypto service providers. They include the exchange platforms, the lending firms, and the brokers.
Furthermore, Gensler noted that:
“The team at SEC is focused on the three most critical areas of the crypto industry – exchange, lending, and broker-dealer interaction. Additionally, the commission will talk to other industry stakeholders on how best to enforce compliance and modify it where necessary. “
The SEC Chair disclosed that he had encouraged crypto exchanges and service providers to talk to the agency numerous times. According to him, the U.S. Congress has vested the power to modify some rules to meet changes in the commission.
SEC to Tailor-made Guidelines for Crypto Ecosystem
Commenting on how regulations tend to be static concerning the digital asset industry, Gensler points to the SEC’s flexible approach. He noted that the watchdog could better tailor regulations to address some tokens’ unique challenges.
However, Gensler maintains that not all the disclosure from the commission applies to other digital assets. Disclosure on some equities is not for all crypto exchanges.
The SEC boss posited that the public benefits from knowing the complete disclosure released by the agency. This is because they will know that no one is hiding anything from them regarding how the financial watchdog handles issues.
Furthermore, on what to expect from the commission regarding crypto regulations, Gensler noted that the agency is working on the right approach. According to him, the SEC is looking separately at the market’s multiple tokens: stablecoins and non-stablecoins.
The commission frequently interacts with other regulatory bodies and the Commodity Futures Trading Commission (CFTC). According to Gensler, collaboration is necessary to determine the best possible ways to help protect investors.
Commenting on the SEC’s view of the leading cryptocurrency, Gensler reiterated that Bitcoin is a non-security asset. The SEC will continue collaborating on Bitcoin with the CFTC as much as possible.
Last month, Gensler ended the argument about whether Bitcoin is a security product by claiming it is a commodity. Gensler followed the path of his predecessor, who has previously stated that the flagship digital token is a commodity.
Meanwhile, the U.S. is set to implement comprehensive regulations for the crypto industry.
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