Gary Gensler, the US Securities and Exchange Commission (SEC) chair, revealed that may exempt crypto companies from certain securities laws. The agency is contemplating waiving certain rules in an effort to regulate the crypto market.
Gensler believes the exemption will persuade more crypto companies to come into compliance with regulations in general. He highlighted that there were a number of crypto companies that were operating outside compliance standards. The SEC is not taking any crypto-unfriendly stance. In fact, the watchdog wants to interact with crypto companies and foster discussion.
The SEC chief said there’s a potential path forward – “come in and talk to us”. The agency is thinking of offering the crypto ecosystem a more customized set of laws that could potentially benefit the industry as a whole. Moreover, the crypto market has also shown a willingness to work within the law and follow compliance standards. However, the willingness to comply may soon not be a choice. US authorities and governments around the world are working towards a proactive approach to clamping down on the market. The recent fall of several major crypto companies in the United States, such as Celsius Network and Three Arrows Capital, has heightened discussion. Lawmakers fear the crypto market is large enough to have knock-on effects that might affect the economy at large.
As such, the US authorities are trying to establish laws for the asset class. And this might happen sooner than later. Stablecoins are one of the highest priorities on the agenda.