The Securities and Exchange Commission (SEC) is poised to focus on issues related to the crypto sector.
At the 2021 Financial Industry Regulatory Authority (FINRA) annual conference, SEC chairman Gary Gensler urged them to act immediately to protect investors and achieve the agency’s outlined mission.
While the concept looks simple, Gensler admits the law has yet to be fully published.
Earlier in May, the new chairman had said that the legal framework worked out by the Commodity Futures Trading Commission (CFTC) or the SEC on crypto exchanges would inspire confidence among consumers who want protection.
"There are no supervisors monitoring crypto exchanges and this means there is no protection for issues involving manipulation or trade fraud," he said.
At the same time, SEC commissioner Hester Peirce has put forward a Safe Harbor 2.0 proposal, under which token issuers are given a period of three years before registering as securities.
The news seems to be going to put some more pressure on the crypto market after the United States Treasury (US) wanted every crypto transaction in excess of $ 10,000 reported to the IRS.
At the time of writing, the crypto market is showing positive movement. However, Bitcoin (BTC) is still at $ 39,500 after passing $ 40,000 just now.
