US MP Calls for SEC to Issue Crypto Regulations – Says ‘A Formal Regulatory Process Is Needed Now’ – Regulation Bitcoin News

US Lawmaker Calls on SEC to Issue Crypto Regulations — Says 'a Formal Regulatory Process Is Needed Now'
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A US senator has urged the Securities and Exchange Commission (SEC) to issue crypto regulations now “through a transparent notice and comment regulatory process.” “Some digital assets may be securities, others may be commodities, and others may be subject to a completely different regulatory regime,” he said.

US Senator Calls for ‘Transparent Disclosure and Comment Regulation Process’ to Regulate Crypto Assets

US Senator John Hickenlooper (D-CO) has sent a letter to Gary Gensler, chairman of the Securities and Exchange Commission (SEC), regarding crypto regulations.

“Clear rules promote an environment in which investors are protected,” the senator told Gensler on December 13 in his October letter.

I am writing to encourage the SEC to issue regulations for digital asset securities through a transparent notice and comment issuance process.

He stressed: “Currently, digital asset markets lack a coordinated regulatory framework. This creates unequal sanctions and deprives investors of a clear understanding of how they are protected from fraud, manipulation and abuse.”

Noting that current laws and regulations are not designed for digital assets, he said, “Applying the old rules to the new market may inadvertently result in financial services being more expensive, less accessible, and making the SEC’s disclosure regime less useful to American people.” The Senator noted:

Given the complexity of these issues and recognizing that some digital assets may be securities, others may be commodities, and others may be subject to an entirely different regulatory regime, a formal regulatory process is now needed.

“This will significantly improve policy development and allow the SEC to gather opinions and understand the concerns,” he said.

The Senator said some of the fundamentals the SEC should address, including clarifying what types of digital assets are securities, addressing how digital securities are to be issued and listed, establishing a registration regime for digital asset securities trading platforms and setting rules for them. continued to summarize the fields. How to trade and hold digital assets.

Hickenlooper comments:

I realize these questions are complex, but it’s time for the SEC to step in.

What do you think of Senator Hickenlooper’s letter to SEC Chairman Gary Gensler? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin invented Bitcoin in 2011 and has been a herald ever since. His areas of interest are Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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