{"id":12973,"date":"2022-06-26T23:54:15","date_gmt":"2022-06-26T23:54:15","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/sec-chair-gensler-proposes-one-rule-book-crypto-regulation-regulation-bitcoin-news\/"},"modified":"2022-06-26T23:54:15","modified_gmt":"2022-06-26T23:54:15","slug":"sec-chair-gensler-proposes-one-rule-book-crypto-regulation-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/sec-chair-gensler-proposes-one-rule-book-crypto-regulation-regulation-bitcoin-news\/","title":{"rendered":"SEC Chair Gensler Proposes ‘One Rule Book’ Crypto Regulation \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reportedly proposed \u201cone rule book\u201d for the regulation of crypto assets. \u201cIf this industry is going to take any path forward, it will build some better trust in these markets,\u201d said Gensler.<\/strong><\/p>\n

SEC Chairman Calls for One Rule Book for Crypto<\/h2>\n

SEC Chairman Gary Gensler has proposed \u201cone rule book\u201d for the regulation of crypto, the Financial Times reported Friday. He is looking to strike agreements with other financial regulators, including the Commodity Futures Trading Commission (CFTC), to avoid gaps in the oversight of the crypto sector. He told the publication:<\/p>\n

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I\u2019m talking about one rule book on the exchange.<\/p>\n<\/blockquote>\n

The SEC chief elaborated that the rule should protect investors against fraud, front-running, and manipulation, in addition to providing transparency over order books.<\/p>\n

The rule book will apply to \u201call trading regardless of the pair \u2014 [be it] a security token versus security token, security token versus commodity token, commodity token versus commodity token,\u201d Gensler described.<\/p>\n

The SEC boss revealed that he is working on a \u201cmemorandum of understanding\u201d with his counterparts at the CFTC, which would be a formal deal to ensure that trading in digital assets has adequate safeguards and transparency. He explained that if a commodity token is listed on a platform overseen by the securities regulator, the SEC would \u201csend that information over to the CFTC.\u201d<\/p>\n

Gensler opined:<\/p>\n

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By getting that market integrity envelope, one rule book on an exchange will really help the public. If this industry is going to take any path forward, it will build some better trust in these markets.<\/p>\n<\/blockquote>\n

U.S. Senators Kirsten Gillibrand and Cynthia Lummis recently proposed a framework that would extend the CFTC\u2019s oversight of the crypto sector.<\/p>\n

Last week, Gensler warned<\/a> of \u201ctoo good to be true\u201d crypto products. He also recently warned that crypto exchanges often trade against their customers<\/a>. Following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST), the SEC chairman cautioned<\/a> investors that a lot of tokens will fail.<\/p>\n

Gensler has been criticized for taking an enforcement-centric approach<\/a> to regulating crypto assets. SEC Commissioner Hester Peirce said in May that the securities watchdog has dropped the ball<\/a> on crypto regulation and there are long-term consequences.<\/p>\n

What do you think about the comments by SEC Chairman Gary Gensler? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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