The chairman of SEC, Gary Gensler, was reportedly holding meetings with the officials in charge of the Commodity Futures Trading Fee (CFTC). The discussion was said to be about the reminder of understanding the concept of digital assets regulation.
Gansler Called For A Single Crypto Law eBook
In a recent interview with Monetary Instances on Thursday, Gensler stated that the firms can collectively control the market integrity. He continued that there should be a single eBook that would contain general rules that would guide all trading pairs.
The examples of trade pairs he mentioned included, security-to-security tokens, commodity-to-commodity tokens, and commodity-to-security token pairs. Furthermore, Gensler’s call for a collective crypto rule was birthed by the prevalence of diverse rules from different regulators.
In recent times, different regulatory bodies have issued different Regulatory Acts as they try to form a crypto regulatory framework. The unanimous Acts have so far negatively affected the industry.
Instances are the Acts proposed by the Digital Commodity Alternate and Accountable Monetary Innovation bodies in April and June respectively. These Acts collectively empower the CFTC to rule over the industry.
In addition, Senator Debbie Stabenow and Senator John Boozman were both reportedly forming a crypto regulation bill. The bill was said to be aimed at giving CFTF more power over the crypto industry.
The two senators are members of the Senate Agriculture Committee on crypto regulation, with Senator Debbie being the chairman.
Gensler was once the leader of the CFTC from 2019 to 2013. He was reportedly skeptical about the new change of procedures in the organization.
SEC Allegedly Enforces Regulation On Crypto Industry
So far, the Security and Exchange Commission had been at the forefront of digital asset regulation. However, the crypto industry has shown dissatisfaction over the series of rules proposed by the agency.
Also, some lawmakers are against the method used by the SEC as they claimed the body is enforcing rules on the industry. Additionally, there has been a disturbance in the market over the unclear regulatory framework proposed by the SEC.
Hence, dignitaries in the space have demanded more glaring and comprehensive regulations to guide the conduct of the crypto trade. In line with the demand, Commissioner Hester Peirce, a top official at SEC, has requested for changes to be made to the policies within the agency.
According to a report, crypto regulation would not check and balance authority alone. The report stated that the U.S. government had acquired about $3.35 billion from crypto via enforced laws. Also, SEC was reported accountable for 70% of the total sum.