SEC plans for New structured regulation of cryptocurrency
The Securities and Exchange Commission ( SEC) is developing a new draft bill that will give regulation rules of crypto and also will provide a better level of clarity with the rules and regulations imposed by the SEC. And this is the result of the pressure by big players to impose regulation on the crypto industry so that potential profit from the crypto market could be achieved.
Right now a type of controversy is revolving in the crypto market among regulators and crypto companies. A latest matter of Coinbase can be taken for reference to understand this report. The securities and exchange commission of the United States slammed Coinbase’s Yield services (that was expected to to lunch by this week). Coinbase exchange claimed that they want clarity on the issue raised by the SEC on their lending program and why SEC don’t have issues with their Ethereum based lending services, which have been running for a long time. And also many crypto Companies supported Coinbase’s question raised against the SEC.
Read also: Celsius CEO supports Coinbase over SEC’s Issues On Yield Services
Gary Gensler, chairman of the SEC, delivered a lengthy formal statement on the new crypto draft regulation before the Senate Banking, Housing and Urban Affairs Committee.
Through the lengthy testimony, Gary claimed that new structure based crypto regulation rules will provide more clarity on the crypto rules.
Gary stated in the Committee that the SEC is doing their best to structure the new rules to provide clearer rules for the industry.
One of the most important statements that Gary passed was about the unregistered securities. Gary said that there are “dozens of tokens that might be securities’ ‘. In actuality they targeted Coinbase and other BlockFi related lending platforms, which are allowing trade of those tokens.
Read also: BlockFi Ordered to Stop Accepting New Customers
It should be noticed that most of the unregistered securities tokens took birth in 2017, when the whole crypto market was booming with the ICOs ( Initial coin offerings) based projects.
Read also: OpenSea executive misused the platform to make money
