SEC Chair Gensler Proposes ‘One Rule Book’ Crypto Regulation

The president of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reportedly projected “one regularisation book” for the regularisation of crypto assets. “If this manufacture is going to instrumentality immoderate way forward, it volition physique immoderate amended spot successful these markets,” said Gensler.

SEC Chairman Calls for One Rule Book for Crypto

SEC Chairman Gary Gensler has projected “one regularisation book” for the regularisation of crypto, the Financial Times reported Friday. He is looking to onslaught agreements with different fiscal regulators, including the Commodity Futures Trading Commission (CFTC), to debar gaps successful the oversight of the crypto sector. He told the publication:

I’m talking astir 1 regularisation publication connected the exchange.

The SEC main elaborated that the regularisation should support investors against fraud, front-running, and manipulation, successful summation to providing transparency implicit bid books.

The regularisation publication volition use to “all trading careless of the brace — [be it] a information token versus information token, information token versus commodity token, commodity token versus commodity token,” Gensler described.

The SEC brag revealed that helium is moving connected a “memorandum of understanding” with his counterparts astatine the CFTC, which would beryllium a ceremonial woody to guarantee that trading successful integer assets has capable safeguards and transparency. He explained that if a commodity token is listed connected a level overseen by the securities regulator, the SEC would “send that accusation implicit to the CFTC.”

Gensler opined:

By getting that marketplace integrity envelope, 1 regularisation publication connected an speech volition truly assistance the public. If this manufacture is going to instrumentality immoderate way forward, it volition physique immoderate amended spot successful these markets.

U.S. Senators Kirsten Gillibrand and Cynthia Lummis precocious projected a model that would widen the CFTC’s oversight of the crypto sector.

Last week, Gensler warned of “too bully to beryllium true” crypto products. He besides precocious warned that crypto exchanges often trade against their customers. Following the illness of cryptocurrency terra (LUNA) and stablecoin terrausd (UST), the SEC president cautioned investors that a batch of tokens volition fail.

Gensler has been criticized for taking an enforcement-centric approach to regulating crypto assets. SEC Commissioner Hester Peirce said successful May that the securities watchdog has dropped the ball connected crypto regularisation and determination are semipermanent consequences.

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