Here’s why the SEC chairman wants a single regulation for all Crypto transactions

Earlier in the day, The Financial Times reported that Gary Gensler, chairman of the Securities and Exchange Commission (SEC), was looking for a manual for everything between the SEC and the CFTC.

A book on controlling crypto issues

Considering the ongoing conflict between the SEC and the CFTC, which agency will have control over the trading of cryptocurrencies, Gensler, the SEC chairman, called the crypto regulation book that should lead the industry and close regulatory gaps.

Jensler suggested that a single law book was needed to prevent bad actors from taking advantage of the current regulatory framework and to commit fraud and scams. Fraud and fraud are rampant in the crypto space and some attribute this to a lack of control.

What I am talking about is a law book about the exchange, which protects all transactions regardless of the pair – [be it] Security Token from Security Token, Security Token from Commodity Token, Commodity Token and Commodity Token, Gensler.

Accordingly, the SEC chairman said he was working on a MoU to address possible regulatory gaps between the SEC and the CFTC. The SEC treats currencies as securities and the CFTC treats them as gold.

Two U.S. senators have introduced a cryptocurrency law aimed at tackling the “wild West.”

According to CNBC, New York Democrat Senator Gliibrand, who sat on the Senate Agriculture Committee earlier this month, and Sen. Lumis, a first-time Republican from the Wyoming Republic on the banking committee, introduced legislation to create a regulatory framework. Crypto Markets.

The bill empowers the Commodity Futures Trading Commission to operate in emerging industries by classifying digital assets as products such as wheat or oil. This assignment is within the jurisdiction of the CFTC, which, unlike the SEC, regulates securities.

Senators passed the law as

Responsible is a historical binary law that creates a complete control framework for digital assets by combining digital assets with existing laws that promote financial innovation, flexibility, transparency and strong consumer protection.

The most striking part of the law is the definition of most digital assets available to U.S. investors and consumers. The account has named assets and digital assets as “auxiliary assets”.

The content provided may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publisher assumes no responsibility for your personal financial loss.

Leave a Comment