In the past month, the issue of regulation has been a significant debate globally. Meanwhile, Gary Gensler, the chairman of the US SEC (Securities and Exchange Commission), commented on securities regulations recently.
He said the watchdog might exempt cryptocurrency firms from some securities regulations. This aims to ensure that crypto firms comply with its regulations.
US SEC Might Relax Some Securities Law
The SEC is debating whether to relax some regulations to control the cryptocurrency market. Gary Gensler, the regulator’s chairman, stated so on July 15th in discussion with Yahoo Finance.
The exception is meant to convince more crypto businesses to follow the rules. Meanwhile, Gensler emphasized that several cryptocurrency firms were functioning outside regulatory requirements.
However, the SEC chairman did not mention any company. Also, Gensler wants to promote interaction and conversation with crypto businesses. The SEC Chair remarked:
“There might be a way for us to partner together. I have invited the crypto sector participants, lending platforms, and trading firms to come in and talk to us.”
Meanwhile, the SEC is considering providing the cryptocurrency market with specific regulations. These regulations would be advantageous to the sector.
Generally, the cryptocurrency market has also demonstrated a desire to cooperate with SEC. They are willing to partner with the government and adhere to regulatory requirements.
In any event, compliance may soon become a necessity rather than a choice. Authorities from the U.S. and other countries are more actively clamping down on the crypto industry.
Crypto Regulation In The U.S
Recently, numerous crypto firms, notably Celsius Network and Three Arrows Capital. As a result, legal regulations have been a particularly major topic of debate among U.S. officials.
Furthermore, lawmakers all across the world share this concern. They are worried that the cryptocurrency market has grown substantially.
As a result, any crisis in the crypto market can have repercussions on the overall economy. Therefore, the U.S. is rushing to create legislation for the asset category to prevent this.
Also, stablecoins are among the top goals on the agenda. Thus, there are many indications that this could happen sooner than expected.
Recently, the U.S. Treasury requested public input on the advantages and disadvantages of the cryptocurrency market. Soon, President Biden’s government will receive the agency’s report for additional review.
The accelerated pace of activity in the U.S. concerning regulation is visible. This suggests that it may release a comprehensive crypto regulation before 2023.
