The SEC is considering exempting crypto companies from certain securities laws
The chairman of the United States Securities and Exchange Commission, Gary Gensler, said in an interview that the agency may consider exempting crypto companies from certain securities laws.
The United States Securities and Exchange Commission is considering whether to deviate from certain rules in its attempt to regulate the crypto market. SEC Leader Gary Gensler said the same during an interview with Yahoo! Economy July 15.
In particular, the SEC is considering exempting crypto companies from certain securities laws.
The hope is that the exception will make more crypto companies follow the regulations in general. At the same time, Gensler emphasized that there were several crypto companies operating outside compliance standards, although he did not highlight any specific names.
Gensler, however, in no way takes an unfriendly stance. Rather, he hopes to promote discussion and engage with crypto companies. The SEC leader said:
“It simply came to our notice then. I have said to the industry, to the lending platforms, to the trading platforms: ‘Come in, talk to us.’ “
In any case, the SEC is considering offering the crypto market a more tailored set of laws, which could benefit the industry. By and large, the crypto market has also shown a willingness to work within the law and follow compliance standards.
In any case, the will to follow may soon not be a choice. US authorities, as well as those from around the world, are taking a more proactive approach to cracking down on the market.
Cryptoregulation in the US can happen this year
Cryptoregulation has become a particularly important topic of discussion among US authorities, as the recent collapse of several crypto companies, including Three Arrows Capital and Celsius Network, has highlighted the need for laws. Lawmakers around the world feel the same way, fearing that the crypto market is now large enough to have consequences that could affect the rest of the economy.
To that end, the United States is trying to establish assets for the asset class. There are several indications that this will happen sooner rather than later, with stack coins as one of the highest priorities on the agenda.
The US Treasury Department recently asked for public comment on the risks and benefits of the crypto market. The agency will soon send its report to President Biden and his administration for further review. The increased pace of action indicated that a comprehensive policy for cryptocurrency regulation could take place before the end of the year.
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