Cryptoregulation: SEC is facing a dilemma
A meeting of the SEC commissioners with the Committee of the US House of Financial Services took place, it allowed us to get some idea about the regulation of the cryptocurrency market.
The committee, chaired by Maxine Waters, discussed issues related to the protection of retail crypto-investor investments, stock repurchases, capital inflows and the transition from public to private investment.
The group included five members of the SEC commission: Jay Clayton, Rebert Jackson Jr., Hester M. Pearce, known as “crypto mom”, Elad L. Roisman and Allison Herren Lee. Particular attention was paid to protecting investors, as well as expanding investment opportunities for retail investors.
By libra
Remember the Libra Senate discussion with project head David Marcus? Since then, the senators have not changed their minds too much. Chairman Waters reiterated that the United States, France, Germany, and many other countries opposed this cryptocurrency.
Senator Brad Sherman particularly dismissed the project:
“It’s clear that Libra will be a mutual fund. Mark Zuckerberg has a lot of money, but he does not have the authority to issue more. ”
In addition, the senator is in principle against cryptocurrencies and digital assets, since they allow you to evade taxes, finance terrorism and implement Ponzi schemes.
About cryptoregulation and token taxonomy
One of the most discussed issues related to taxonomy, in connection with which the group finally discussed crypto assets.
“Despite the fact that crypto assets have advantages, they are fraught with great risk,” Chairman Jay Clayton noted to the Senate.
Especially in cases where in essence they coincide with securities, currencies or with payment systems, but are not regulated … We have a developed ecosystem of financial regulation, which has been formed over the years and covers securities, goods, currencies …
Many will use crypto assets to circumvent existing rules. This is the problem. ”
An interesting paradox for regulators
Due to the ambiguity of Libra and crypto assets in general, before any conclusions, the SEC proposed to evaluate the performance of these assets. And here a paradoxical situation arises, because the SEC does not have clear recommendations and criteria.
In this regard, Senator Anthony Gonzalez pointed out the dilemma faced by investors. According to him, their logic is as follows:
“We won’t know how safe it is until we see how it works.” This is what investors say, but what companies say: “We will not work until we find out whether our asset is classified as a security or not.”
The Senate expects that joint work with the Commission will accelerate the development of crypto regulation principles.
However, Clayton also noted that the doors to the SEC are open to both innovators and entrepreneurs. To do this, they just need to register their asset.
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