US SEC Creates Cryptocurrency Working Group Led by 'Crypto Mom': New Rules for the Crypto Market
The regulator strives to create an understandable environment for cryptocurrency firms, where investor protection remains a priority.
The regulator strives to create an understandable environment for cryptocurrency firms, in which investor protection remains a priority.
The acting chairman of the US Securities and Exchange Commission (SEC), Mark Uyeda, announced the creation of a working group to develop transparent rules on cryptocurrency regulation. Commissioner Hester Peirce, known for her support of innovation in the crypto sector and nicknamed 'Crypto Mom' for her efforts in creating sensible regulation for the cryptocurrency market, has been appointed to head the group.
The working group will be responsible for developing clear rules for participants in the cryptocurrency market, simplifying the registration of companies operating in the cryptocurrency sector, and the blockchain, and create practical requirements for transparency of information.
On behalf of the SEC, the group will work with federal and international authorities, including the US Commodity Futures Trading Commission (CFTC), and plans to organise roundtables to gather public input.
Prior to these changes, most of the SEC's objections under Chairman Gary Gensler related to equating the operations of crypto companies with trading in unregistered securities, a practice prohibited by US securities exchange regulations.
The NFT marketplace OpenSea, the broker Robinhood, the developers of the Immutable project, the administrators of the decentralised platform Uniswap, the exchange platforms Coinbase, Kraken and Crypto.com, as well as the creators of the cryptocurrency wallet MetaMask, Consensys, received notices of investigation from the SEC at various times. Some of the biggest players in the crypto industry have been fined millions of dollars in cases not classified as fraud, but specifically related to the treatment of crypto assets as securities.
Hester Peirce, nicknamed 'Crypto Mom' by the crypto community, has been an SEC commissioner since 2018 and is known for her active stance in favour of decentralised technologies. She has repeatedly criticised the SEC's overly rigid approach to the crypto market, saying it hinders innovation.
In 2020, Peirce proposed the concept of 'Safe Harbor', an initiative that would give blockchain projects a three-year period to develop and attract investment without the risk of violating securities laws. The idea was to simplify the regulatory compliance process for startups and allow them to enter the market.
Peirce's work at the SEC has made her a key figure in US cryptocurrency policymaking. According to her, the transformation process 'will take time, patience and the participation of all stakeholders'. The regulator, she stressed, aims to create an environment that protects investors and supports innovation.
The US SEC Approves ETFs on Bitcoin in a Moment of Turn for the Cryptocurrency Market
In a historic decision for the world's largest cryptocurrency and the entire crypto industry, the US securities regulator on Wednesday authorised the first US-listed exchange-traded funds (ETFs) to follow Bitcoin.
EXCLUSIVE: The SEC is likely to allow the first U.S. #Bitcoin futures ETF to begin trading next week, in what would be a watershed moment for crypto https://t.co/ZbGKr8EBBN
According to issuers, most of the instruments are expected to go on sale as of Thursday, setting off a lively competition for market share. The ETFs, which have been in development for ten years, represent a revolution for Bitcoin, as they allow investors to gain exposure to the world's largest cryptocurrency without having to own it directly. They offer a significant boost to a crypto sector often engulfed by scandals.
"It's a big step forward for the institutionalisation of Bitcoin as an asset class," said Andrew Bond, senior fintech analyst and managing director at Rosenblatt Securities.
This week, experts at Standard Chartered predicted that ETFs could attract between $50 billion and $100 billion this year alone. According to other forecasts, inflows over the next five years will be closer to $55 billion.
On Wednesday, CoinGecko reported that bitcoin's market valuation was over $913 billion. According to the Investment Company Institute, the total net assets of US exchange-traded funds (ETFs) stood at $6.5 trillion as of December 2022.
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He predicts that in the future, regulations will require issuers of stablecoins to place 100 per cent of their reserves in US Treasury securities and to undergo regular financial audits.
The regulator strives to create an understandable environment for cryptocurrency firms, in which investor protection remains a priority.
The acting chairman of the US Securities and Exchange Commission (SEC), Mark Uyeda, announced the creation of a working group to develop transparent rules on cryptocurrency regulation. Commissioner Hester Peirce, known for her support of innovation in the crypto sector and nicknamed 'Crypto Mom' for her efforts in creating sensible regulation for the cryptocurrency market, has been appointed to head the group.
The working group will be responsible for developing clear rules for participants in the cryptocurrency market, simplifying the registration of companies operating in the cryptocurrency sector, and the blockchain, and create practical requirements for transparency of information.
On behalf of the SEC, the group will work with federal and international authorities, including the US Commodity Futures Trading Commission (CFTC), and plans to organise roundtables to gather public input.
Prior to these changes, most of the SEC's objections under Chairman Gary Gensler related to equating the operations of crypto companies with trading in unregistered securities, a practice prohibited by US securities exchange regulations.
The NFT marketplace OpenSea, the broker Robinhood, the developers of the Immutable project, the administrators of the decentralised platform Uniswap, the exchange platforms Coinbase, Kraken and Crypto.com, as well as the creators of the cryptocurrency wallet MetaMask, Consensys, received notices of investigation from the SEC at various times. Some of the biggest players in the crypto industry have been fined millions of dollars in cases not classified as fraud, but specifically related to the treatment of crypto assets as securities.
Hester Peirce, nicknamed 'Crypto Mom' by the crypto community, has been an SEC commissioner since 2018 and is known for her active stance in favour of decentralised technologies. She has repeatedly criticised the SEC's overly rigid approach to the crypto market, saying it hinders innovation.
In 2020, Peirce proposed the concept of 'Safe Harbor', an initiative that would give blockchain projects a three-year period to develop and attract investment without the risk of violating securities laws. The idea was to simplify the regulatory compliance process for startups and allow them to enter the market.
Peirce's work at the SEC has made her a key figure in US cryptocurrency policymaking. According to her, the transformation process 'will take time, patience and the participation of all stakeholders'. The regulator, she stressed, aims to create an environment that protects investors and supports innovation.
The US SEC Approves ETFs on Bitcoin in a Moment of Turn for the Cryptocurrency Market
In a historic decision for the world's largest cryptocurrency and the entire crypto industry, the US securities regulator on Wednesday authorised the first US-listed exchange-traded funds (ETFs) to follow Bitcoin.
According to issuers, most of the instruments are expected to go on sale as of Thursday, setting off a lively competition for market share. The ETFs, which have been in development for ten years, represent a revolution for Bitcoin, as they allow investors to gain exposure to the world's largest cryptocurrency without having to own it directly. They offer a significant boost to a crypto sector often engulfed by scandals.
"It's a big step forward for the institutionalisation of Bitcoin as an asset class," said Andrew Bond, senior fintech analyst and managing director at Rosenblatt Securities.
This week, experts at Standard Chartered predicted that ETFs could attract between $50 billion and $100 billion this year alone. According to other forecasts, inflows over the next five years will be closer to $55 billion.
On Wednesday, CoinGecko reported that bitcoin's market valuation was over $913 billion. According to the Investment Company Institute, the total net assets of US exchange-traded funds (ETFs) stood at $6.5 trillion as of December 2022.
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