SEC to team up with other agencies to develop crypto regulation rules

Commission Сhair Gary Gensler said that he is working on a “memorandum of understanding” with the CFTC

24.06.2022 - 08:55

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What’s new? US Securities and Exchange Commission (SEC) Chair Gary Gensler has invited other financial agencies to join forces to develop comprehensive rules for regulating the field of digital assets. He said he is working on a “memorandum of understanding” with the Commodity Futures Trading Commission (CFTC), the Financial Times reports. The SEC plans to share information on registered tokens and other digital assets with “allied” regulators.

Material of the Financial Times

Crypto regulation in the United States. US regulators have received $3,35 billion in fines related to digital assets since the advent of bitcoin in 2008, according to government data compiled by UK-based analytics company Elliptic. The SEC accounts for more than 70% of the payments.

In early June, Senators Cynthia Lummis and Kirsten Gillibrand introduced a bill to bring digital assets into the US financial system. Lawmakers plan to make the CFTC the main regulator of the crypto market. However, the SEC chief earlier said that most crypto assets fit the definition of securities and should therefore be regulated by his agency. He also criticized the Senators’ bill, stating that the measures it proposes would undermine investor protections in the traditional financial market.

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