The US SEC Sets Up Special Team for Virtual Coin Regulation | Signs of Regulatory Easing | Bitcoinist.com
On the 21st, the Securities and Exchange Commission (SEC) announced the establishment of a special team to develop a comprehensive and clear regulatory framework for cryptoassets (virtual coin).
The establishment of a special team aims to clarify the ambiguity of regulations on virtual coins and improve investor protection and market integrity.
Key Issues Addressed by Special Teams
The SEC’s previous efforts have relied on interpretations of existing federal securities laws and fragmented enforcement, and have not provided clear registration requirements or practical guidance to virtual coin operators.
As a result, the virtual coin market has become an environment hostile to innovation, causing confusion and criticism. The special team established this time aims to prioritize the following issues and build a new regulatory framework.
- Establishment of clear regulatory rules
- Presentation of specific registration procedures
- Construction of reasonable information disclosure rules
- Efficient allocation of execution resources
Furthermore, the team plans to provide technical support when the legislature adjusts the regulatory framework, and to collaborate with the Commodity Futures Trading Commission (CFTC) and overseas regulatory agencies to achieve international regulatory harmonization.
Prospects for deregulation to advance under the new Trump administration
During the Biden administration, the SEC, led by former chairman Gary Gensler, has been pushing for strict regulations on the cryptocurrency (virtual coin) industry based on existing federal securities laws. These strict regulations and enforcement have drawn much criticism from cryptocurrency-related companies and supportive politicians.
The SEC has indicated a recognition that its previous efforts have created an environment that inhibits innovation in the virtual coin industry.
Against this background, there are high expectations for deregulation of virtual coins under the new Trump administration. Through the SEC’s special team, a clear and rational regulatory framework for the virtual coin market will be established. Through these reforms, a legal and compliant environment for virtual coin operators may be created, which could promote innovation along with improving the overall health of the market.
In particular, there is an expectation that progress is being made towards the resolution of the long-standing legal dispute between Ripple and the SEC. The resolution of this legal dispute is expected to have a positive impact not only on Ripple, but also on the entire cryptocurrency market.