{"id":15621,"date":"2022-12-19T06:25:10","date_gmt":"2022-12-19T06:25:10","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/sec-chairman-says-important-to-regulate-crypto-issuers-and-intermediaries-regulation-bitcoin-news\/"},"modified":"2022-12-19T06:25:10","modified_gmt":"2022-12-19T06:25:10","slug":"sec-chairman-says-important-to-regulate-crypto-issuers-and-intermediaries-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/sec-chairman-says-important-to-regulate-crypto-issuers-and-intermediaries-regulation-bitcoin-news\/","title":{"rendered":"SEC Chairman Says Important to Regulate Crypto Issuers and Intermediaries \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 stressed the importance of bringing \u201cintermediaries and issuers of crypto securities\u201d into compliance. In addition, the U.S. Treasury Department\u2019s Financial Stability Oversight Council (FSOC) has recommended that regulatory agencies continue to \u201cenforce existing rules and regulations applicable to the crypto-asset ecosystem.\u201d<\/strong><\/p>\n

SEC Chair Gensler on Crypto Regulation<\/h2>\n

SEC Chairman Gary Gensler talked about crypto regulation Friday in his remarks before the U.S. Treasury Department\u2019s Financial Stability Oversight Council (FSOC). Gensler said:<\/p>\n

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Nothing about the crypto markets is incompatible with the securities laws. Yet risks from this speculative, volatile, and what I believe is a largely noncompliant market put investors at risk.<\/p>\n<\/blockquote>\n

\u201cThis is why bringing intermediaries and issuers of crypto securities tokens into compliance is so important,\u201d he stressed.<\/p>\n

\u201cWhile the risks from the crypto markets generally do not appear to date to have spread to the traditional financial sector, we must remain vigilant to guard against that possibility,\u201d the SEC chief concluded.<\/p>\n

Gensler and the SEC have been criticized for not preventing the collapse of crypto exchange FTX given that SEC staff, including the chairman himself, had several meetings<\/a> with former FTX CEO Sam Bankman-Fried (SBF). The securities watchdog finally charged<\/a> Bankman-Fried and his crypto exchange with fraud last week after he was arrested<\/a> in the Bahamas. U.S. Congressman Tom Emmer has called on Gensler<\/a> to testify before Congress about the cost of his crypto regulatory failures.<\/p>\n

Financial Stability Oversight Council\u2019s Crypto Regulatory Recommendations<\/h2>\n

The Financial Stability Oversight Council also unanimously approved its 2022 annual report Friday. In his remarks, Gensler said he supported the FSOC report, including its recommendations. According to the announcement about the report by the U.S. Treasury Department:<\/p>\n

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The Council emphasizes the importance of agencies continuing to enforce existing rules and regulations applicable to the crypto-asset ecosystem.<\/p>\n<\/blockquote>\n

Noting that the Council has identified gaps in the regulation of crypto activities, the Treasury explained that in addressing these gaps, the Council has recommended \u201cthe enactment of legislation providing for rulemaking authority for federal financial regulators over the spot market for crypto-assets that are not securities.\u201d Furthermore, the Treasury noted: \u201cSteps should be taken to address regulatory arbitrage since crypto-asset entities offer services similar to traditional financial institutions but do not have a consistent or comprehensive regulatory framework.\u201d<\/p>\n

Last week, two U.S. senators, including Elizabeth Warren (D-MA), introduced<\/a> a bipartisan bill for the regulation of cryptocurrency. Their bill, titled \u201cDigital Asset Anti-Money Laundering Act,\u201d is \u201cthe most direct attack on the personal freedom and privacy of cryptocurrency users and developers we\u2019ve yet seen,\u201d according to crypto advocates.<\/p>\n

What do you think about the comments by SEC Chair Gary Gensler and the recommendations by the Financial Stability Oversight Council? 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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