The SEC commissioner and head of the crypto working group, Hester Peirce, says that US financial companies sail by Crypto in a similar way to play children’s game “The Floor Is Lave”, but in the dark.
“It is time for us to find a way to put an end to this game. We have to light the lights and build bridges on the lava pit,” said Peirce during the round table “know your goalkeeper” dry on April 25.
The lava is crypto, says peirce
Peirce explained that the registrants of the dry are forced to approach activities related to cryptography like “the soil is lava”, where the objective is to jump from one piece of furniture to the other without touching the floor, except here, touching the crypto directly is the lava.
“A DC version of this game is our regulatory approach to cryptographic assets and the custody of cryptographic assets in particular,” she said.
Peirce said that, as in the game, companies wishing to engage with the crypto must avoid holding it directly due to unclear regulatory rules. “To engage in activities related to the crypto, the inscribers of the SEC had to go from a badly lit regulatory space to the next, while ensuring that they never touch on any cryptographic asset,” said Peirce.
Peirce has said that investment advisers do not often know what cryptographic assets are considered to be titles, which entities have as qualified guards and if “the exercise of the markup or voting rights” could trigger violations of the guard.
“The torsion of the regulatory version is that it is widely played in the dark: burn legal lava and not lamps to light the way.”
Peirce also said that a broker or an ATS who cannot hold or manage cryptographic assets would find it difficult to facilitate trade, which makes it unlikely that a “robust market” will develop.
Echoing a similar feeling, the SEC commissioner, Mark Uyeda, said at the event that more and more SEC registrants working with cryptographic assets, it is essential that they have access to childcare options that meet legal and regulatory requirements.
UYEDA said the agency should consider enabling advisers to use “trust for limited to state -owned use” with the power to hold cryptographic assets as qualified guards.
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Meanwhile, the recently sworn president of the SEC, Paul Atkins, said that he expected “enormous advantages” of blockchain technology by efficiency, attenuation of risks, transparency and cost reduction.
He reiterated that among his dry objectives would be to facilitate “the clear regulatory rules of the road” for digital assets, suggesting that the agency under the former president Gary Gensler had contributed to the market and to regulatory uncertainty.
“I can’t wait to get involved with market players and work with colleagues from the Administration of President Trump and the Congress to establish a rational framework adjusted for the use of cryptographic assets,” said Atkins.
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