The US Securities and Exchange Commission plans to work on its guidelines for the regulation of Bitcoin & Co. SEC Commissioner Hester M. Peirce said in a speech at the University of Missouri. Accordingly, the Authority is considering adapting its regulations in the future. The SEC also wishes to offer applicants support for new projects.
Above all, adequate guidelines are needed to achieve global adaptation of cryptocurrencies such as Bitcoin, Ripple and others. The repeated rejections of requests for Bitcoin ETFs and the partially shattered hopes of the Community for a possible bull run speak volumes in this regard. Apart from missing security measures in the crypto-ecosystem, there are apparently compatibility issues here. The new financial technologies are not necessarily compatible with the rules of an established financial system. This could change soon.
SEC Commissioner Hester M. Peirce said in a speech that could change the existing guidelines in the future. Accordingly, the employee of the US supervisory authority said:
The [Securities and Exchange Commission] The opportunity to rethink its innovation approach stems from a decade of technology development in the context of blockchain and cryptocurrency. This area has challenged many regulators around the world. The SEC is certainly no exception. We ask ourselves, together with other regulators, how the rules in this area apply or whether a new legal framework would be better. If we act appropriately, we can enable innovation at this new frontier. And without jeopardizing the goals of our securities laws […],
No relief: support for applicants
Accordingly, it is also the task of the authority to provide guidelines on which the applicants can orient themselves. The Securities and Exchange Commission is working to provide advice on ICO and STO applications:
Employees are working on some additional guidance that will help people think about whether their crypto-financing is covered by securities law. There is also a permanent offer for people who, in connection with a specific token or project, can reach the so-called No Action Relief. Applicants will explain their intentions and SEC staff members will be able to respond [by recommending a withdrawal of the application],
The authority ultimately creates space for itself and the applicants. With the no-action-relief system, the SEC saves work in advance and helps applicants better prepare their applications.
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Post source: The SEC wants to work on policies and provide ICO support
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