The Securities and Exchange Commission (SEC) appears to be ready to ‘attack’ crypto exchange platforms, including monitoring the assets of stablecoins.
Yesterday SEC chairman Gary Gensler revealed a collaboration between his agency and the Commodity Futures Trading Commission (CFTC) is underway to ensure the registration and implementation of supervision on securities and non -securities asset trading platforms.
Looking at this, Gensler believes a centralized crypto trading platform takes care of their users ’assets, in stark contrast to conventional platforms.
The figure later cited an earlier case: “Last year, more than $ 14 billion in crypto assets were taken away. I asked the officials how to work with the platform, making sure they operate in accordance with the law. This also involves the protection of consumer assets, in particular whether it is appropriate to segregate such custody rights. ”
But, how long will this effort be able to be realized by the SEC? The agency itself does not present clear guidelines for defining a single crypto asset as a security or vice versa.
For example, XRP is accused of being a securities asset whereas since its launch it has not been categorized as a security, similar to the status of Bitcoin (BTC) and Ethereum (ETH).
Gensler also quotes stablecoins: USDT and USDC.
“The two largest stablecoins have been introduced on cryptocurrency trading and lending platforms, and U.S. retail investors have no right to repurchase both at market value. This is where conflicts of interest and questions of market integrity come into play that will drive more oversight from supervisory agencies. ”
Undoubtedly since last year stablecoin has been a big question among supervisory agencies so much so that the chairman of Federal Reserves, Jerome Powell himself has called for strict enforcement of the law.
Perhaps this is a good effort in line with an executive order from U.S. president Joe Biden signed in early March.
It will only take a little longer if the agency is interested in categorizing securities assets and opening securities.
Clearly, the country’s regulatory bodies are ready to dispel the confusion in the crypto market.
