Business

Erik Gibbs

US SEC ready to work with crypto, but is still a barrier

The U.S. Securities and Exchange Commission (SEC) is, once again, delaying a decision to rule on a cryptocurrency-based exchange-traded fund (ETF). Despite having more than a year to discuss the products, the agency seems to have a difficult time addressing the matter and the amount of frustration targeting the organization continues to grow. For its part, though, the SEC says that it is more than willing to work with crypto and tries to defend its position by pointing out some of the pro-crypto moves it has made.

According to Amy Starr, an SEC official who oversees the organization’s capital markets trends, asserted during Consensus 2019 in New York that the group is willing to interact with the industry to develop policies that will help the industry grow, adding that securities laws are dynamic enough that the current language can allow for a high degree of interaction.

However, many question, if this is the case, why the SEC has not taken a stance on whether or not Ripple’s XRP is a security or not (the SEC has been able to define Bitcoin Core (BTC) and Ether (ETH), but that was all) and continue to stonewall on the subject of ETFs.

The SEC has also come under fire for hindering the crypto ecosystem in the country and suppressing innovation. The founder of new outlet Tech Crunch called the country’s stance on crypto a “total disaster” and accused the SEC of being on a “power grab” when it comes to crypto.

Starr tried to assert that the SEC is working diligently add crypto to many of its policies. She explained, “The more interaction, and willingness that people want to engage with us, the happier we are because we want this to work. We want there to be innovation in these markets. We want there to be change.”

Granted, the SEC has made certain public shows to support Starr’s assertions – it has launched town hall meetings and will, on occasion, say something nice about blockchains – but these efforts don’t go far enough. It’s time that the SEC, and the US government in general, take crypto seriously and make it a priority above everything else, before it’s too late.

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