Washington, DC-The US Securities and Exchange Commission could consider a short-term crypto supervision framework to allow companies to continue innovating, while the agency is preparing a more permanent response to the regulation of digital assets, suggested interim chairman Mark Uyeda during a Friday event at the agency’s Washington headquarters.
“We should consider whether there may be a more effective method of regulation according to a welcoming federal regulatory framework,” Uyeda said in a registered statement played on the agency’s latest crypto industry -round table. “While the Commission is working to develop a long-term solution to tackle these issues, a time-limited, conditional exemption framework for registrants and non-registrants could enable greater innovation with blockchain technology in the US in the short term.”
The securities regulator is waiting for Congress to deliver a crypto market structure law that allows it to start writing the rules that the sector for digital assets has fought for. It can happen as soon as later in the year, according to the legislators working on this effort, but months will go before its arrival and even further for SEC and other relevant federal agencies to write rules and set them in motion.
During this second in a series of crypto -round tables, which the agency hosts as it overlooks its digital assets, Uyeda was still driving the agency, though the incoming President Paul Atkins is ready to take over. Once he arrives, Uyeda and Colleague Republican Commissioner Hester Peirce, a crypto lawyer, will still be on board.
The Republican Commissioners noticed Crypto Platforms’ interest in dealing with both traditionally sec-regulated activity and business out of reach of the agency, all under the same roof.
“What can and should we do in the short term, and what should Congress consider in the longer term to ensure that the regulatory gaps that are filled when companies are increasingly seeking to combine securities and trading activities that are not security?” Asked Peirce, who leads the SEC Crypto Task Force.
SEC’s only democratic commissioner, Caroline Crenshaw, claimed that some of the market disorders and business errors in the recent past have forced the industry’s observers to become “painfully aware of the discrepancy between investors’ expectations and reality.”
“Crypto -trading platforms are unique because, among other reasons, they often perform more services under one roof, sometimes including bridge cleansing and custody,” Crenshaw said. In traditional funding, the kind of features “typically by separate registered units” are performed because they come with a “high risk of conflicts of interest and risks to investors.”
Read more: Sec ‘Earnest’ about finding usable cryptopolitics, says commissioners at Roundtable
