The battle for crypto regulations is making progress, especially after Gary Gensler, SEC Chairman said cryptocurrency should be co-regulated by both the SEC and the CFTC. “Together, the agencies can assure market integrity,” stated Gensler.
Gensler proposed a ‘one rule book’ that protects trading regardless of whether the pairing is a security or a commodity. This proposal from Gensler comes after various legislation has been introduced, pressing the SEC for a stronger and more progressive regulatory framework.
Jon-Jorge Aras, Partner and Chair of Securities Litigation states, “Chairman Gensler’s proposal continues to signal the SEC’s commitment to regulate cryptocurrency more effectively. The SEC is keenly aware that the downturn in the crypto market has led to significant losses for retail investors. I expect more enforcement actions in the near future, as well as further announcements on what new regulations will come to fruition.”
If you are a cryptocurrency broker or looking to become one you must be familiar with the regulatory framework surrounding the industry. Crypto regulations are constantly evolving, and you must seek experienced regulatory counsel to ensure that you are in compliance with all updated rules. Contact the attorneys at Warren Law Group at (866) 954-7687 to schedule your consultation today.