How will the SEC approach crypto in the fallout of FTX and the broader crypto contagion?
Since taking over at the United States Securities and Exchange Commission , chairman Gary Gensler has repeatedly been referred to as the “bad cop” of the digital asset industry. To this point, over the past 18 months, Gensler has taken an extremely hard-nosed approach toward the crypto market,and enforcing stringent policies to make industry players comply with regulations.
“Nothing about the crypto markets is incompatible with the securities laws. Investors have benefitted from nearly 90 years of well-crafted protections that provide investors the disclosure they need and that guard against misconduct like misappropriation of customer assets, fraud, manipulation, front-running, wash sales, and other conflicts of interest that harm investors and market integrity.”
To get a better overview of the situation, Cointelegraph reached out to Slava Demchuk, CEO of a United Kingdom-based Anti-Money Laundering service AMLBot and crypto wallet AMLSafe. In his view, Gensler and the SEC haven’t provided clear guidance for crypto companies on things like registration and compliance and have been unable to make crypto compliance attractive and accessible to market participants.
It is also worth noting that Emmer recently asked the SEC to comply with the standards established in the Paperwork Reduction Act of 1980, a legislation meant to reduce the total amount of paperwork burden imposed by the federal government on private businesses and citizens.
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