December 6, 2022

US Lawmaker Calls SEC for Crypto Regulations – Says ‘Formal Regulatory Process Needed Now’ – Bitcoin Regulatory News

A US senator called for the Securities and Exchange Commission (SEC) to issue crypto regulations now “through a transparent regulatory process for notice and comment.” He stressed that “some digital assets are securities, others may be commodities, and others may be subject to an entirely different regulatory regime.”

US Senator Calls for ‘Transparent Regulatory Notice and Commentary Process’ to Regulate Crypto Assets

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

In his October 13 letter, Senator Gensler told, “Clear rules foster an environment in which investors are protected,” adding:

I am writing to urge the Securities and Exchange Commission to issue regulations for digital asset securities through a transparent regulatory process for notice and comment.

He stressed that digital asset markets do not currently have a coordinated regulatory framework. This leads to unfair application, and deprives investors of a clear understanding of how to protect them from fraud, manipulation and abuse.”

Noting that current laws and regulations were not designed for digital assets, he explained: “The application of the old rules in the new market could inadvertently cause financial services to become more expensive, less accessible, and the SEC’s disclosure regime to be Less useful to the United States. People.” The senator noted:

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

“This will greatly improve policy development and allow the Securities and Exchange Commission to gather opinions and understand concerns,” he said.

The senator proceeded to outline some of the key areas that the SEC should address, including clarifying what types of digital assets are securities, addressing how digital securities are issued and listed, creating a registry system for digital asset security trading platforms, and establishing rules on how That digital assets be traded and held.

Hickenlooper opened:

I realize these questions are complex, but it’s time for the Securities and Exchange Commission to get involved.

What do you think of the letter from Senator Hickenlooper to Securities and Exchange Commission Chairman Gary Gensler? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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