{"id":463022,"date":"2022-06-15T06:41:40","date_gmt":"2022-06-15T03:41:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-boss-worries-crypto-bill-undermines-financial-protections\/"},"modified":"2022-06-15T06:41:40","modified_gmt":"2022-06-15T03:41:40","slug":"sec-boss-worries-crypto-bill-undermines-financial-protections","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-boss-worries-crypto-bill-undermines-financial-protections\/","title":{"rendered":"# SEC boss worries crypto bill undermines financial protections"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a383d59455b6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a383d59455b6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sec-boss-worries-crypto-bill-undermines-financial-protections\/#%E2%80%9D_SEC_boss_worries_crypto_bill_undermines_financial_protections_%E2%80%9C\" >&#8221; SEC boss worries crypto bill undermines financial protections  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SEC_boss_worries_crypto_bill_undermines_financial_protections_%E2%80%9C\"><\/span>&#8221; SEC boss worries crypto bill undermines financial protections  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvN2RjOTdjMGYtYzVmMy00N2NjLWE1NGUtNTBkOTA0ZWEyZjI1LmpwZWc=.jpeg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>United States Securities and Exchange Commission (SEC) Chairman Gary Gensler said he\u2019s worried that a proposed bill to create a regulatory framework for cryptocurrencies could weaken investor protections in the traditional financial market.<\/p>\n<p>Speaking at The Wall Street Journal\u2019s CFO Network <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/video\/crypto-bills-could-lead-to-regulatory-loopholes-sec-chairman-says\/F84CEA9F-D266-4D4B-81D5-6942CD086487.html\">Summit<\/a> on June 14 Gensler was asked his thoughts regarding a recent bill introduced on June 7 by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY).<\/p>\n<p>He responded saying \u201cwe don&#8217;t want to undermine the protections we have in a $100 trillion capital market,\u201d adding:<\/p>\n<blockquote><p>\u201cWe don&#8217;t want our current stock exchanges, mutual funds, or public companies to, sort of inadvertently by a stroke of a pen, say \u2018you know what, I want to be non-compliant as well, I want to be outside of this regime that I think has been quite a benefit to investors and economic growth over the last 90 years.\u2019\u201d<\/p><\/blockquote>\n<p>The bipartisan Lummis-Gillibrand \u201cResponsible Financial Innovation Act\u201d aims to address many facets of crypto regulation such as tax treatment of digital assets, stablecoins, and agency jurisdiction.<\/p>\n<p>One provision of the bill gives \u201cclear authority\u201d to the Commodity Futures Trading Commission (CFTC) over digital asset spot markets, Gensler has long been adamant in declaring most cryptocurrencies are securities, subject to the SEC\u2019s authority. <\/p>\n<p>The Senators have mostly agreed with Gensler\u2019s point, saying some altcoins would likely be considered securities under the proposed law, with Bitcoin (BTC) and Ethereum (ETH) considered commodities.<\/p>\n<p>At the summit, Gensler said the SEC wasn\u2019t looking to extend its jurisdiction and that some cryptocurrencies are already under the jurisdiction of the agency since they qualify as being a security.<\/p>\n<blockquote><p>\u201cWe\u2019re just looking out for the retail public [\u2026] these tokens are being offered to the public, and the public is hoping for a better future. That\u2019s the characteristics of an investment contract.\u201d<\/p><\/blockquote>\n<p>Meanwhile CFTC commissioner Christy Goldsmith Romero \u2014 who says she hasn\u2019t yet read the Lummis-Gillibrand bill \u2014 welcomed regulatory action by Congress when speaking at an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=J0AFWUn2cao\">event<\/a> on June 14.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>SEC reportedly launches investigation into insider trading on exchanges<\/em><\/strong><\/p>\n<p>Romero, also a former senior counsel in the SEC&#8217;s enforcement division, was asked if the view that the CFTC was a more laissez-faire regulator in comparison to the SEC was accurate.<\/p>\n<p>\u201cNo, not at all [\u2026] they&#8217;re actually pretty similar,\u201d she said, adding that the CFTC has brought multiple enforcement actions in the crypto space and each agency cares about having \u201crigorous oversight of markets.\u201d<\/p>\n<p>Explaining the differences she&#8217;s witnessed, Romero said the CFTC has allowed more cryptocurrency products to trade on its regulated exchanges with 18 products trading across 11 regulated entities:<\/p>\n<blockquote><p>\u201cWhat that means is that the CFTC is pretty experienced and how to regulate trading in this market, and that&#8217;s really, really helpful as we move forward. It&#8217;s still going to take cooperation and coordination with the SEC, I&#8217;m 100% committed to that, that\u2019s my former home.\u201d<\/p><\/blockquote>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sec-boss-worries-crypto-bill-undermines-financial-protections\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; SEC boss worries crypto bill undermines financial protections &#8220; United States Securities and Exchange Commission (SEC) Chairman Gary Gensler said he\u2019s worried that a proposed bill to create a regulatory framework for cryptocurrencies could weaken investor protections in the traditional financial market. Speaking at The Wall Street Journal\u2019s CFO Network Summit on June 14&#8230;<\/p>\n","protected":false},"author":1,"featured_media":463023,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvN2RjOTdjMGYtYzVmMy00N2NjLWE1NGUtNTBkOTA0ZWEyZjI1LmpwZWc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,75422,74898,70301,52214,55229,70934,67874],"class_list":["post-463022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-cftc","tag-sec","tag-bills","tag-congress","tag-law","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=463022"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463022\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/463023"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=463022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=463022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=463022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}