Gary Gensler, Chairman of the Securities and Exchange Commission, the US financial system supervisory agency, has made a new statement.
This statement seems to be a significant sign of support and a possible regulatory change in America to start supporting crypto growth.
SEC Chairman Supports Crypto Growth
In an interview with Yahoo Finance on July 15, 2022, the SEC chairman, Gary Gensler, stated that the SEC is considering changing its views on crypto.
In the interview, Gensler stated that SEC would try to give waivers to some crypto companies so that some of their stock-like properties will not be regulated as shares.
So later, the SEC will give leeway to crypto companies to encourage the growth of this innovation in America.
Gary Gensler hopes that with these waivers and concessions, companies engaged in the crypto world, especially those that issue their crypto, will be more compliant with regulations.
This statement was given because many crypto companies are currently moving outside of compliance with the existing regulatory laws in America.
Unfortunately, Gensler did not provide a specific name. However, many stated implicitly that one of them was Ripple, currently in a case with the SEC.
Gensler reiterated that the statement conveyed in the interview was a positive statement to embrace the crypto industry so that it can grow positively in America.
“There is great potential in the future. I’ve told market players, lending platforms, and crypto trading platforms to come and have a chat with us (SEC).” Gensler said
He stated the statement to ask for compliance from project owners and crypto companies and discuss the best framework for regulating crypto in America.
It seems that the call is still there, as the SEC will launch a new regulatory framework to encourage the growth of crypto in America.
The good news is that some market participants have agreed and accepted the offer to discuss so that they can develop better regulations.
But the bad news is that this offer doesn’t look like it will last longer. In the future, Gensler plans to take a more aggressive step by legally forcing market participants to be more compliant and help governments when operating crypto-related.
Regulations Predicted to Roll Out This Year
To date, the discussion of crypto regulation is one of the ongoing discussions among American government officials.
This discussion becomes even more critical given the number of cases that have occurred, such as the Celsius and Three Arrows Capital, both of which remind us of the urgency of strict supervision.
Regulators worldwide seem to agree with this urgency, given the widespread adoption of crypto and the impact it could have, even on global economic stability.
Unfortunately, one of the leading countries in the world regarding the financial system is still struggling to find the proper regulations for crypto.
This condition creates a domino effect where many countries bound to America also find it challenging to make regulations because they have not received a good example.
But according to interviews conducted with Gary Gensler, there are indications that regulations for crypto will soon roll out, even predicted to launch in 2022.
The possibility of launching this regulation can also be seen in the American government, which has begun to cooperate with several other countries to help stabilize the global financial and economic system.
One that emerged was England, where it was reported that the British and American governments would work together to make strict regulations that other countries could emulate.
For now, the US Ministry of Finance is conducting a more in-depth review of the regulatory framework suitable for current conditions. This process indicates that plans to roll out regulations in 2022 are becoming increasingly severe.
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