The official of the SEC rejected the idea that the regulator is attacking the sector and closing growth spaces, insisting that they have a responsibility to fulfill and that they must take care of the markets from illegal actions perpetrated with these assets.
- La SEC will take further action against companies in the crypto sector
- According to one official, the SEC must protect investors
- Critics point out that the SEC is unwilling to adequately address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. this space
- Criticisms point to the obsolete nature of the laws and the targeting of the sector.
The director of compliance for the U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) Gurbir Grewal, stressed that the regulatory body will continue its investigations in the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market, so more measures against companies in the sector that fail to comply with its regulations are coming.
La SEC will continue to take action against companies in the crypto sector
Grewal’s remarks came during the his participation in an event held by the Practicing Law Institute . Here, the official argued that the narrative that the SEC seeks to stifle innovation in the sector is false, so there is no outrage against cryptocurrencies but reiterated that the regulator has a responsibility to fulfill.
According to information published by the media Cointelegraph , Gregwal la SEC is not unfairly singling out cryptocurrencies, and clarified this point by saying the following:
“It often seems that critics are upset that we are not giving cryptocurrencies a pass on the application of well-established rules and precedent. If we didn’t investigate and bring appropriate cases as we always have simply to dodge criticism or tough questions, we would be acting both fearfully and favorably.”
“Failure to enforce the most fundamental rules underlying our regulatory structure would be a betrayal of trust a trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. and not an option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. for us […] We will continue to bring actions regardless of what label is used or what technology is involved (or not) . Failure to do so would constitute an abdication of our responsibilities”.
SEC seeks a better approach
Gregwal’s remarks come shortly after the associate director of operations for the SEC Division of Corporation Finance Cicely LaMothe revealed that the regulator is planning to open a new office to channel all cryptocurrency-related filings.
According to LaMothe, the SEC considers it necessary to create this new office, as it will have the responsibility to deal with submissions associated with crypto-assets.
It is worth noting that this move also comes at a time when many critics are calling the actions of the SEC as arbitrary, since last month he pointed out that Coinbase is an American company that operates a cryptocurrency exchange platform. was trading cryptoassets that were clearly securities, this despite the fact that the agency does not yet have a specific definition that applies to these products in the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. space.
Although the SEC While the regulator is trying to make progress in this area, for many the regulator is still not doing enough and incurs in arbitrary measures. This position is based mainly on the fact that the entity is still based on the securities law published in the 1930s, which can hardly be adjusted to the current times and the technological innovations involved in the use of Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. for the issuance of assets.
Lastly, critics also emphasize that the SEC could be acting disproportionately against the cryptocurrency space, thereby closing off opportunities for it to grow in the local market. These signals come directly associated with the constant rejections to a potential exchange-traded fund. (ETF) directly associated with Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. , point on which representatives of the organization have also expressed doubts about its position on the issue.
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Article by Angel Di Matteo / DiarioBitcoin
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