The United States is close to finalizing cryptocurrency regulatory details. Although the SEC is the main regulator of securities, money and investments, its functions will expand.
Gary said investor safety will be his first concern. In addition, the SEC will protect service providers, exchanges, etc.
Due to various legal disputes, the SEC ran into difficulties. It is likely that the lawsuit between the SEC and Ripple will be completed by the end of 2022, we have had twists lately.
Other companies have also sued the SEC, accusing it of failing to comply with applicable regulations.
SEC and Crypto Regulation
The SEC has been preparing for the obligations that will soon fall on its shoulders as the deadline for adopting cryptocurrency rules approaches. As the laws are put in place, the chairman of the Securities and Exchange Commission spoke with Yahoo Finance about the specifics of their impending duties.
When asked what the SEC’s tasks would be in the coming months, Gensler said the new restrictions would be beneficial to investors and customers as they would protect them from any problems brought in by service providers. .
According to Gensler, exchanges, brokerage and loans will be their main focus areas. He said they were talking to key players to let them know their requirements.
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The stock exchange, lenders and other brokers are invited to visit them and talk to themhe said, adding that they are open to negotiations and discussions.
Gary said that, to protect investors, the Congress conferred on them a single authority, which allows them to modify certain regulations.
As the SEC will monitor tokens and stablecoins, it will also be allowed to contact the CFTC and banking authorities.
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