The Securities and Exchange Commission (SEC) recently published a number of proposed rules that affect the cryptocurrency industry. The SEC has clarified that tokens that are securities that are sold to US citizens and residents would need to be registered with the SEC. The rules have also established a process of reporting any tokens that are deemed to be securities. These rules are significant because they send a signal to the cryptocurrency industry that the federal government is serious about regulating cryptocurrencies.
The United States Securities and Exchange Commission (SEC) commissioner, Hester Peirce, comments that the SEC is in the process of laying out a regulatory framework for cryptocurrencies, and that the agency will be “relentlessly vigilant” in the future.
Few issues have been more controversial in the crypto world than whether crypto assets (e.g. Bitcoin) should be regulated. SEC Commissioner Hester Peirce believes that the answer is yes, and she has been eager to answer questions about it. The topic was recently brought up during a Senate Finance Committee hearing, where Peirce admitted that the SEC has been “watching the markets really closely.”. Read more about sec twitter and let us know what you think.
Earlier, one of the five SEC commissioners, Hester Pearce, gave an interview to Bloomberg in which she hinted that the agency may have rules in place to ensure investor protection in cryptocurrencies.
Peirce expressed the hope that they [the SEC] could provide clarity in some areas. She pointed out three key areas that he said need to be addressed.
First, the Commissioner said she has issued a safe harbor for token to provide clarity on token distribution. Second, she noted that the SEC must approve a bitcoin-based exchange-traded product (ETP), and frankly, we have received new applications based on ETH, and finally, she also acknowledged the need for clarity on markups for regulated entities, i.e., broker-dealers and investment advisers.
The commissioner also noted that the agency’s chairman had previously expressed the need for some oversight of cryptocurrencies; he recalled statements SEC Chairman Gary Gensler had made earlier in May and before about the type of regulation that could be imposed on the cryptocurrency market.
In early May, Gensler discussed cryptocurrencies at length during his appearance on CNBC’s Squawk Box. In addition to his position on the nature of bitcoin, he stated: I think we need more protection for investors. However, the Chairman also acknowledged the SEC’s obligation to remain technology neutral in this area.
In addition to all of the above, Commissioner Hester Pierce also specifically discussed the SEC’s Ripple lawsuit. How he shared nature and how Ripple sold XRP. She stated: We assume that it is sold under an investment contract, which means that there are commitments attached to the sale of this asset. But at the same time, she said, that doesn’t mean XRP is actually a stock.In the Q&A, SEC Commissioner Hester Peirce explained that the securities regulator will remain focused on token offerings (and not the “DAO”) while she’s in office. The SEC has a backlog of about 10 investigations from companies raising capital through ICOs, and Peirce mentioned that the agency will soon offer a series of conferences and webinars to promote a “seamless marketplace for digital asset offerings.”. Read more about sec coin and let us know what you think.
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