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SEC
SEC

SEC Chair Seeks Formal Deal With the CFTC for Crypto Regulation 

US Securities and Exchange Commission (SEC) Chair Gary Gensler has sought a formal cooperation between financial agencies to regulate the crypto assets effectively.

Rulebook for Crypto Trade

According to a news report in the Financial Times, Gensler said there should be one rule book so that bad actors don’t make use of regulatory gaps and perpetrate frauds and manipulations. The SEC Chair said “we was working on a Memorandum of Understanding (MoU) between SEC and CFTC towards bridging potential regulatory gaps.”

SEC

As SEC has been lobbying aggressively to bring digital assets under its purview, thinking them to be securities rather than commodities, the crypto regulation bill in its present form leaves the SEC wanting a say in regulations. 

I’m talking about one rule book on the exchange that protects all trading regardless of the pair — [be it] a security token versus security token, security token versus commodity token, commodity token versus commodity token,” Gensler said, adding that this is necessary to protect investors.

CFTC Says Crypto a Natural 

Rostin Behnam said :

Markets are markets, whether it’s derivatives or equities or fixed income.… There’s always a natural relationship between . . . derivatives generally and cash markets,” he had said, adding that the idea that CFTC is not fit for this job is misaligned.  

Market
Market

Too Good to Be True

Gary Gensler cautioned people that crypto lenders offering 4.5% to 7% returns to consumers who deposit their funds is too good to be true.

How does somebody offer (such a large percentage of returns) in the market today and not give a lot of disclosure?” the SEC chairman remarked.

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About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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