The Securities and Exchange Commission (SEC) changes its air on the crypto, and the industry is delighted.
Tuesday, February 4, the working group on the Crypto de la SEC was put online, inaugurating a new era for the web3 space. By putting an exclamation point on the change of heart, last week, the agency transferred the internal lawyer in charge of its many high -level crypto proceedings, Jorge Tenreiro, to a computer role.
And it’s official: there is now contact by email dedicated to crypto@sec.gov.
The pivot of the dry does not occur in a vacuum. Pressure rises from Congress, cryptographic investors and the White House to modernize the regulatory approach to digital assets.
Also on Tuesday, the American Tsar “Crypto and Artificial Intelligence (IA)”, David Sacks, said that even if obtaining cryptographic legislation by the congress is “something takes time … It is something we might Do in the next six months ”.
A new bill was launched by the senator of Tennessee, Bill Hagerty, could be what Sacks was referring. The Bill, Designed to Create a Predictable Regulatory Environment For Stablecoins, A Form of Cryptocurrency Pegged to the Stable Assets Such As the Us Dollar, Creates Rules for Stable Coat Payments and Requirements To Back Stablecoin Payments With Assets Such As Us Currency, Federal Reserve Notes or cash flow bills.
Efforts are involved as President Donald Trump seeks to transform America in the world capital of cryptography and marks the latest efforts in the history of the crypto decade for the United States to create industry directives.
Read also: Trump goes 6 for 8 on crypto promises during the first week
What the crypto working group will tackle
The dry wants that the newly created crypto working group establishes a clear route so that crypto companies are not allowed to guess if they violate the law. The objective is simple: create rules that make sense for crypto while protecting investors from scams and carpet prints.
“The new commitment to a better regulatory environment should not be considered as an approval from any part or cryptographic token. Whether these tokens or coins come from our jurisdiction, the commission Never approves any product or service; There is no seal of dry approval. It is easy to shoot parts and tokens. If people want to buy a token or a product that does not have a clear long -term value proposal, they should feel free but should not be surprised if one day the price drops, “wrote the commissioner of the , Hester Peirce, who will lead the new working group.
However, the Peirce working group has a large scale. The force will be responsible for several key objectives:
- Define what is security: More legal gymnastics – Cryptographic companies should know if their tokens are the rules of the dry.
- Regulatory sandbox: A safe area where companies can experiment without fear of sudden application measures.
- Cryptographic brokers and exchanges: A framework to help legitimate platforms to respect American securities laws.
- Duty: How companies can safely hold and manage cryptographic assets for customers.
- Mark out and lend: Clear directives on the question of whether to mark out or loan programs count as titles.
- ETF and cryptographic products: After the recent Bitcoin ETF approvals, expect a fight on what comes next.
- Cross -border rules: Ensure that American policies do not strain innovation while the rest of the world is advancing.
Peirce has recognized that this list is neither exhaustive nor final but serves as an initial roadmap for the efforts of the working group.
Although the SEC has had more than a decade to understand how to regulate the crypto, and it was above all a game of proceedings and confusion, Peirce insists that things will be different this time – especially if the industry obtains a Headquarters at the table. Pierce invited companies to submit proposals and to engage directly with the working group, a contrast that striking with the approach of the president of the SEC, Gary Gensler, of “regulation by application”.
Learn more: Give meaning to coins, digital assets and the future of cryptography
Future expectations for industry
Peirce stressed that his opinions are personal and do not necessarily reflect those of the dry or other commissioners. She warned that the resolution of existing regulatory ambiguities will require time and patience, given the commitment of the dry in the crypto industry. This period experienced various measures to apply the law, letters and discussions without action, but many questions remain unresolved.
The Pymnts Intelligence Report “Blockchain advantages for regulated industries” revealed that blockchain technology has many potential advantages to meet the unique needs of regulated industries, including finance, health care, verification of the Identity and management of the supply chain, to name only a few.
“The biggest financial institutions are impatient to explore tokenized assets,” said Nikola Plecas, marketing manager, Visa Crypto, in Pymnts in October, but he added that they need regulatory certainty to do so Large scale.
Blockchain -based cash demands are important for financial teams that turn to a more efficient and transparent financial future.
“Don’t wait,” said Ran Goldi, Vice-President Director of Payments and Network at Fireblocks, told Pymnts in October. “Now start experimenting with blockchain -based payments or may lose against more agile competitors.”
