- The commission is in a dilemma of deciding ways to regulate the crypto industry. One of the ways is to waive some rules for some organizations.
- The crypto market must follow the rules and regulations to win people’s trust.
- Recently, The U.S Treasury took a significant step in this direction.
Gary Gensler’s Interview
Gary Gensler said in an interview that there are going to be some crypto companies that are going to be excluded from some securities laws. Gary Gensler is the chairperson of the United States Securities and Exchange Commission. This interview took place on July 15. The commission is in a dilemma of deciding ways to regulate the crypto industry. One of the ways is to waive some rules for some organizations.
The SEC hopes that the crypto companies act by regulations in general if they start exempting a few of the companies from the securities laws. SEC also said that many crypto firms do not comply with the law. The commission didn’t name any particular organization.
Even after this, Gensler is open to discussion with the crypto companies. He said that:
“There’s a potential path forward. I’ve said to the industry, to the lending platforms, to the trading platforms: ‘Come in, talk to us.’”
The Need For Regulations
Everyone knows the crypto industry is built to work on a large scale. This is why the crypto market must follow the rules and regulations to win people’s trust. Therefore, SEC is thinking of offering customizable laws to the industry. This, in the long term as well as the short term, has the potential to benefit the industry.
Anyways, this, in the future, may not be a choice. Every government organization and commission is being proactive in this particular industry and trying to put as many regulations as possible. This will ensure that the market stays under control. We have seen a lot of examples that prove why these regulations are necessary. Some of these regulations are:
- Three Arrows Capital
- Voyager Digital
- Celcius Network
Recently, The U.S Treasury took a significant step in this direction. They organized public surveys to understand their take on the crypto market. The report of this survey is going to be submitted to President Joe Biden for further review. This gives us enough proof that within this year, many crypto regulation policies are going to be executed by the end of this year.