The visit by CFTC’s Caroline Pham, who criticized the SEC’s “regulation by enforcement” earlier this year, comes as both agencies fight for digital currency industry oversight.
Ethereum is both a security and tyranny, as staking coins via a third party remains, and the wealthiest holders combining forces to ensure total domination of the system, the article argues.
The bill Senator Cynthia Lummis and Senator Kirsten Gillibrand proposed aims to clarify federal regulations on stablecoins, banking, SEC and CFTC jurisdiction, and taxes.
Gensler’s message for digital currency businesses was that although their platforms and services revolve around distributed ledger technology does not mean that existing securities laws do not apply.
US SEC Chair Gary Gensler called for digital currency exchanges and lending platforms to offer the same consumer protections as stock exchanges.
SEC Chair Gary Gensler says that waiving some rules will lead more firms to “come in and talk” at a time when lawmakers are blaming digital assets for failure to protect investors.
In his testimony before the U.S. Congress, Chairman Gary Gensler cited the need to provide more protection for investors as a justification for the bump in the SEC's budget for the fiscal year 2023.
The securities regulator renamed the unit to reflect its focus on the industry, with Chair Gary Gensler saying it’s now “better equipped to police wrongdoing in the crypto markets.”
The White House refers to these plans as its strategy to "modernize rules for digital assets," and they are expecting their efforts to rake in $4.9 billion in revenue by 2023.
The thrust of SEC Chair Gary Gensler’s address may be already self-evident to many: that current laws already apply to digital assets regardless of how novel the technology may be.
Controversial “crypto” exchange FTX hopes the CFTC will vanquish the SEC in the regulatory turf war over which branch of the U.S. government gets primary oversight of digital assets.