{"id":551852,"date":"2023-02-14T22:00:00","date_gmt":"2023-02-14T19:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-lawmakers-and-experts-debate-secs-role-in-crypto-regulation\/"},"modified":"2023-02-14T22:00:00","modified_gmt":"2023-02-14T19:00:00","slug":"us-lawmakers-and-experts-debate-secs-role-in-crypto-regulation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-lawmakers-and-experts-debate-secs-role-in-crypto-regulation\/","title":{"rendered":"# US lawmakers and experts debate SEC&#8217;s role in crypto regulation"},"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-6a3584ab2bd75\" 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-6a3584ab2bd75\" 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\/us-lawmakers-and-experts-debate-secs-role-in-crypto-regulation\/#%E2%80%9D_US_lawmakers_and_experts_debate_SECs_role_in_crypto_regulation_%E2%80%9C\" >&#8221; US lawmakers and experts debate SEC&#8217;s role in crypto regulation &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_lawmakers_and_experts_debate_SECs_role_in_crypto_regulation_%E2%80%9C\"><\/span>&#8221; US lawmakers and experts debate SEC&#8217;s role in crypto regulation &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-4bbf85c5>The United States Securities and Exchange Commission and its chair Gary Gensler were the targets of many lawmakers and witnesses at a hearing exploring the crash of the crypto market.<\/p>\n<p>In a Feb. 14 hearing at the Senate Banking Committee titled \u2018Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets\u2019, ranking member Tim Scott <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.banking.senate.gov\/hearings\/crypto-crash-why-financial-system-safeguards-are-needed-for-digital-assets\">said<\/a> Gensler should <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear before Congress before September to address additional enforcement actions in the crypto space, calling out the SEC chair for doing \u201crounds on the morning talk shows\u201d rather than testifying. According to the South Carolina senator, the SEC had not provided \u201cthe slightest bit of guidance,\u201d potentially leading to the lack of investor protection at bankrupt firms including FTX, Terra, BlockFi, Voyager, and Celsius.<\/p>\n<p>\u201cTo think the SEC has failed to take any meaningful preemptive action to ensure this type of catastrophic failure does not happen again,\u201d said Scott. \u201cIf they have the tools they need, were they just asleep at the wheel? [&#8230;] We\u2019d be happy to have chairman Gensler testify sooner \u2014 much sooner \u2014 than later.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/307829ec-2e26-4fb9-93ab-1d2eb58e5635.png\"><figcaption style=\"text-align: center;\"><em>Senator Tim Scott at the Senate Banking Committee hearing, Feb. 14<\/em><\/figcaption><\/figure>\n<p>Witnesses testifying at the hearing proposed different approaches for lawmakers seeking to regulate crypto. Duke Financial Economics Center policy director Lee Reiners suggested Congress pursue legislation to \u201ccarve out cryptocurrency\u201d from the Commodity Futures Trading Commission\u2019s authority and label it as a security under the SEC\u2019s exclusive purview. Crypto Council for Innovation chief global regulatory officer and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> counsel Linda Jeng testified that the lack of a consistent federal regulatory framework on crypto contributed to a lack of investor protection and uncertainty among firms:<\/p>\n<blockquote><p>\u201cThe SEC has not initiated any formal rulemaking process to update securities laws that are decades old to account for the unique attributes of digital assets that are determined to be securities.\u201d<\/p><\/blockquote>\n<p>Vanderbilt University law professor Yesha Yadav echoed some of Jeng\u2019s concerns on developing a federal framework for crypto, but also proposed a self-regulatory regime in which exchanges could oversee themselves as a complement to public regulation. Firms that failed to comply with the rules could be forced to pay financial penalties.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>SEC to target crypto firms operating as \u2018qualified custodians\u2019 \u2014 Report<\/em><\/strong><\/p>\n<p>In the United States, there is seemingly a regulatory tug-of-war between many government agencies looking to establish rules on crypto companies. Gensler has claimed most token projects qualify as securities under SEC guidelines and repeatedly called on firms to \u201ccome in and talk to us\u201d. The agency has already taken enforcement actions against Kraken and Paxos in 2023.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/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\/us-lawmakers-and-experts-debate-sec-s-role-in-crypto-regulation\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; US lawmakers and experts debate SEC&#8217;s role in crypto regulation &#8220; The United States Securities and Exchange Commission and its chair Gary Gensler were the targets of many lawmakers and witnesses at a hearing exploring the crash of the crypto market. In a Feb. 14 hearing at the Senate Banking Committee titled \u2018Crypto Crash:&#8230;<\/p>\n","protected":false},"author":1,"featured_media":551853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/a42aee33-295c-4707-b8b9-7988ea43a3bd.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74898,52214,55229,70934,67874],"class_list":["post-551852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-sec","tag-congress","tag-law","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551852","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=551852"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551852\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/551853"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=551852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=551852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=551852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}