US crypto regulations are not unanimous. Lawmakers are considering creating new rules. But the SEC does not seem to share this opinion. The American regulator even preferred to take the lead in filling the void left by the regulatory gaps identified by the Biden administration.
SEC says NO to new US crypto regulations
All players in the crypto sector are of the opinion that there is a regulatory gap governing cryptocurrency and stablecoins in the United States. To overcome this vagueness, legislators plan to create new regulations. Treasury Secretary Janet Yellen, in particular, is calling for new laws to govern digital assets.
Reverse of the situation: SEC disagrees with lawmakers. At the time of his testimony in front of the financial services subcommittee, Gary Gensler indeed declared that he did not see the need for new laws to regulate cryptoassets in the United States.
The SEC engages in yet another maneuver
Given the latest actions of the SEC, everything suggests that the American regulator does not wish to set new American crypto regulations in any way. Gensler has openly stated that he fears changes weaken traditional securities markets. According to the SEC Chairman, traditional securities markets are worth more than the crypto sector.
Thus, many are wondering if the absence of new US crypto regulations would not give the SEC more advantages. Indeed, regulatory vagueness would allow it to establish yourself freely in the crypto market. Wouldn’t it be better for this body to be based on new texts?
Advocates of crypto companies and stablecoins agree on one thing: the SEC is always finding ways to counter any proposals to improve US crypto regulation. They even claimed that “the SEC fights every bill in Congress.”
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