US Securities and Exchange Commission (SEC) Chairman Gary General During the hearings in the European Parliament Committee on Economic and Currency Issues, called European lawmakers to cooperate with Washington in the process of regulating the cryptocurrency market, reports MarketWatch.
He recalled the cases of fraud and abuses that are practiced on separate cryptoplatforms. According to the Promet, the industry must adopt a new international regulatory framework if he wants to grow and develop. “Financial innovations throughout the history shorter flourish outside the framework of state policy,” he stressed.
General explained the priorities of SEC in the field of financial regulation of the cryptocurrency market, including drew attention to the development of new rules for digital operations with securities conducted by exchange brokers in applications.
“Our global markets are inextricably linked, and the money is moved between them for the microsecond,” said General. He believes that the cryptocurrency market must adopt a new international regulatory framework if he hopes to continue to grow and implement innovations that will not be able to exist outside the public policy framework. “Unfortunately, this class of assets has eased fraud and abuse in some applications,” said Gensen, calling the Congress to update securities laws to make more clarity in cryptocurrency regulation.
The Supreme Court ruled that financial instruments qualified as investment contracts are subject to regulation and oversight from SEC. In the US, several departments are engaged in regulation of cryptocurrency, including the Securities and Exchange Commission (SEC), Commission on Commodity Futures (CFTC) and the Ministry of Finance.