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The US Securities and Exchange Commission (SEC) plans to enter into agreements with other federal agencies in the country to increase oversight of cryptocurrency exchanges and companies. This
The US Securities and Exchange Commission (SEC) plans to enter into agreements with other federal agencies in the country to increase oversight of cryptocurrency exchanges and companies. This was told to the Financial Times by department head Gary Gensler.
He is in talks with colleagues from the Commodity Futures Trading Commission (CFTC) to sign a formal agreement, according to the official. Second, it would eliminate “gaps” in fragmented regulation and “provide appropriate guarantees and transparency” in the field of digital asset trading.
Gensler explained that the regulator’s jurisdiction includes companies offering tokens that are classified as securities. The agreement provides for the transfer of information about a CFTC product when a digital asset meeting a product definition is placed on an SEC-controlled platform.
“I’m talking about a single set of rules for exchanges that protect all trading activity regardless of pair – be it security token versus security token, security token versus commodity token, or commodity token versus commodity token. This will protect investors from fraud, leading-edge, manipulation. and will ensure the transparency of the order book.”
The head of the SEC emphasized that a single set of rules would benefit the cryptocurrency industry as it would boost consumer confidence in the digital asset markets.
In April, a group of members of the US House of Representatives introduced a bill that provides for direct oversight of certain types of crypto transactions and bitcoin exchanges under the auspices of the CFTC.
The document introduces the term “digital goods”. Issuers of such assets and the regulation of their trade are assumed to be delegated to the authority of the ministry. The SEC, in turn, continues to oversee tokens with security properties.
Recall that in October 2021, CFTC chairman (then a candidate) Rostin Benam proposed at a hearing in Congress to give the agency the status of the main federal regulator in the cryptocurrency market.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
