SEC called for the adoption of new rules for the operation in the crypto market
The head of the Commission believes that regulation should be strengthened to ensure investors are protected
05.04.2022 - 10:45
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What’s new? The head of the US Securities and Exchange Commission (SEC), Gary Gensler, has stated that oversight of cryptocurrency exchanges and issuers of stablecoins should be strengthened. Information with the main talking points and proposals of the SEC chief is published on the agency’s website.
Statement on the SEC’s website
How will the operation of exchanges change? According to Gensler, cryptocurrency exchanges should implement mechanisms to protect customer assets, including measures such as account segregation on platforms. Segregation is the separation of exchange assets and customer assets. The main purpose of the procedure is to protect customer funds from unauthorized access by the exchange.
How will the work of stablecoin issuers change? The head of the SEC has stressed that this is an area that requires increased oversight. The retail investors in the United States do not have a direct right of redemption for the two of the three largest stablecoin issuers.
“There are conflicts of interest and market integrity questions that would benefit from more oversight,”Gensler stated.
The SEC chief concluded by stressing that we live in a digital age and should take advantage of it, but investor protection should not be forgotten. And the legal framework that has accumulated over the 90-year history of the securities market’s functioning should not be undermined.
What had happened before? On March 31, the Securities and Exchange Commission released new guidelines for cryptocurrency exchanges. They prescribe cryptocurrency exchanges to register the cryptocurrencies they hold for customers as assets and their obligations to customers as liabilities. The SEC officials stated that the new set of rules will ensure consistency in the accounting practices used by crypto exchanges.
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