SEC Chair Gensler Proposes ‘One Rule Book’ Crypto Regulation – Regulation Bitcoin News

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reportedly proposed “one rule book” for the regulation of crypto assets. “If this industry is going to take any path forward, it will build some better trust in these markets,” said Gensler.

SEC chairman calls for one rule book for crypto

SEC Chairman Gary Gensler has proposed “one rule book” for the regulation of crypto, the Financial Times reported Friday. In order to prevent gaps in supervision of crypto, he wants to reach agreements with financial regulators like the Commodity Futures Trading Commission. The publication was informed by him:

I’m talking about one rule book on the exchange.

SEC chief explained that this rule was meant to protect investors against fraud and manipulate, as well as provide transparency over order books.

The rule book will apply to “all trading regardless of the pair — [be it] a security token versus security token, security token versus commodity token, commodity token versus commodity token,” Gensler described.

The SEC boss revealed that he is working on a “memorandum of understanding” with his counterparts at the CFTC, which would be a formal deal to ensure that trading in digital assets has adequate safeguards and transparency. He explained that if a commodity token is listed on a platform overseen by the securities regulator, the SEC would “send that information over to the CFTC.”

Gensler said:

The public will benefit greatly from one exchange rulebook, which provides market integrity. This will ensure that the industry can move in a positive direction and build more trust.

U.S. Senators Kirsten Gillibrand and Cynthia Lummis recently proposed a framework that would extend the CFTC’s oversight of the crypto sector.

Last week, Gensler warned of “too good to be true” crypto products. Gensler also warned recently that many crypto exchanges trade against customers. After the fall of crypto terra (LUNA), and stablecoin terreusd (UST), SEC chairman warned that many tokens could fail.

Gensler’s enforcement-centric approach in regulating crypto assets has come under fire. Hester Peirce, the SEC Commissioner, stated in May that crypto regulation has been a failure and the long-term implications.

Let us know what you think of Gary Gensler’s comments. Please leave your comments below.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.