The chairman of the US Securities and Exchange Commission (SEC) is pushing for a single set of rules for cryptocurrencies, which will unite the efforts of all regulators and strengthen the regulation of the industry.
Gary Gensler believes that crypto market participants are skillfully exploiting regulatory loopholes and imperfections to their advantage. According to the official, the cause of the problem lies in the inconsistent position of the federal authorities, which leads to fragmented regulation of the cryptocurrency industry.
The head of the SEC announced that he had begun work on a joint memorandum of understanding with the Commodity Futures Trading Commission (CFTC). As a result, a document should be obtained that guarantees security to investors and participants in the cryptocurrency market.
“I’m talking about a single set of rules to protect investors from fraud and manipulation, and to ensure transparency in exchange trading,” Gensler said.
Recently, Cardano co-founder Charles Hoskinson said in a US congressional hearing that the SEC and CFTC will not be able to oversee the cryptocurrency industry, and it can self-regulate in a similar way to the banking industry.
Earlier, Ripple Labs CEO Brad Garlinghouse called the SEC’s actions against crypto companies in the country “inconsistent.”
Source: Bits
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