• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Wednesday, August 10, 2022
Online Crypto College
Advertisement
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
Online Crypto College
No Result
View All Result

SEC Chair Says Lummis-Gillibrand Bill Could ‘Undermine’ Market Protections

June 15, 2022
in Blockchain
Reading Time: 3 mins read
A A
ShareShareShareShareShare

The chairman of the U.S. Securities and Exchange Commission (SEC) has expressed concerns that the recently proposed US crypto bill by U.S. Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) could undermine the existing regulatory framework for broader capital markets.

Related articles

Crypto Weekly Inflows Have Topped $500M for Six Consecutive Weeks: CoinShares

August 9, 2022

Reserve Bank of Australia Rolls Out CBDC Pilot Project

August 9, 2022

Gary Gensler on Tuesday spoke at the Wall Street Journal’s CFO Network Summit where he said that the bipartisan crypto bill could inadvertently “undermine” other market protections.

Gensler was asked about his thoughts regarding the bill and he stated that legislative changes targeting cryptocurrencies could impact stock exchanges or mutual funds. “We don’t want to undermine the protections we have in a $100 trillion capital market,” the SEC chair said.

Last week, U.S. Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced a crypto bipartisan bill that aims to create new concepts in the nearly 90-year-old securities laws. The legislation wants to allow issuers of some digital tokens to meet lighter disclosure requirements than public companies.

Gensler said: “We’re not looking to extend our jurisdiction. But these tokens are being offered to the public, and the public is hoping for a better future. That’s the characteristics of an investment contract,” a type of security.

Gensler’s remarks differ from those of his counterpart at the Commodity Futures Trading Commission. Last week, Rostin Behnam, CFTC Chairman, said that the proposed Lummis-Gillibrand bill “does a very good job” of clarifying the distinction between securities and non-securities in the crypto market.

The CFTC To Get More Powers

The Responsible Financial Innovation Act, introduced by Republican Sen. Cynthia Lummis and Democrat Kirsten Gillibrand, would create a comprehensive set of regulations across digital assets in the U.S and specify the rules and roles for crypto regulations.

One of its provisions seeks to provide more clarity around which cryptocurrencies meet the legal definition of securities that the SEC should regulate.

The Lummis-Gillibrand bill says that digital assets that meet the definition of a commodity, including Bitcoin and Ether and more than half of digital assets will be regulated by the CFTC. The bill, therefore, sets to hand over key oversight responsibility to the CFTC, not the SEC.

If the bill becomes law, then it would be a victory for the crypto industry, which has long complained about vague and insufficient regulations governing cryptocurrencies.

The legislation supports positions endorsed by the crypto market participants, including the key argument that many cryptocurrencies should not be subject to securities regulations. SEC has been known for aggressive enforcement actions against crypto firms under Gensler.

Image source: Shutterstock

Credit: Source link

ShareTweetSendPinShare
Previous Post

EU Lawmakers Urged to Speed Up Passage of Crypto Law

Next Post

Bit.com Enables Trading of Staked Ether on Spot and Perpetual Futures Markets

Related Posts

Crypto Weekly Inflows Have Topped $500M for Six Consecutive Weeks: CoinShares

August 9, 2022

Inflows into crypto investment products have been experiencing an uptick for six consecutive weeks, topping $500 million, according to a...

Reserve Bank of Australia Rolls Out CBDC Pilot Project

August 9, 2022

The Reserve Bank of Australia (RBA) has launched a year-long trial to explore a central bank digital currency's (CBDC) business...

Blockchain in Fintech Sector Expected to Hit $31.4B by 2030

August 9, 2022

Blockchain in the fintech market is anticipated to reach $31.4 billion by 2030, given that the penetration of this cutting-edge...

Amber Group Expands Retail Trading Operations into Brazil Through WhaleFin

August 9, 2022

Cryptocurrency financial services startup Amber Group has announced that it will expand its retail trading operations into Brazil through a...

Marathon Digital Says Generated 707 BTC with YoY Increase of 8% in 2022 Q2

August 9, 2022

Marathon Digital Holdings, Inc. announced its July 2022 operational update on Aug 8, revealing that the cryptocurrency mining firm had mined 707...

Load More
Next Post

Bit.com Enables Trading of Staked Ether on Spot and Perpetual Futures Markets

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hector Network Partners with German Side Borussia Dortmund

August 7, 2022

Crypto regulation would promote stability, tackle 'inefficiencies', says Moody's – City A.M.

August 5, 2022

Cardano Price Moves Above $0.50, Is The Price Ready For Breakout?

August 8, 2022

Bitcoin And Freedom Or International Communism – Bitcoin Magazine

August 4, 2022

Viktar Prakapenya View on Crypto Regulation and Why It Is Necessary (Sponsored content from Evelina Brown)

August 9, 2022

About Us

This is an online news portal that aims to provide the latest Crypto news, Altcoins, blockchain, regulations and much more stuff like that around the world. Feel free to get in touch with us!

What’s New Here!

  • Uniswap Price Falls Below $9 After It Met With A Sell-Off, What’s Next?
  • Iran Places First Official Import Order With Cryptocurrency Worth $10 Million – Regulation Bitcoin News
  • The future of social media and protecting user data in web3 w/ Lens Protocol and the Aave companies

Newsletter

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$22,891.00-4.30%
  • ethereumEthereum(ETH)$1,676.67-5.81%
  • tetherTether(USDT)$1.00-0.18%
  • usd-coinUSD Coin(USDC)$1.00-0.15%
  • binancecoinBNB(BNB)$317.17-2.81%
  • Binance USDBinance USD(BUSD)$1.00-0.15%
  • rippleXRP(XRP)$0.361476-4.65%
  • cardanoCardano(ADA)$0.51-4.95%
  • SolanaSolana(SOL)$39.59-7.46%
  • polkadotPolkadot(DOT)$8.67-6.39%
  • dogecoinDogecoin(DOGE)$0.068432-3.52%
  • AvalancheAvalanche(AVAX)$27.68-3.06%
  • daiDai(DAI)$1.00-0.15%
  • Lido Staked EtherLido Staked Ether(STETH)$1,618.35-5.82%
  • matic-networkPolygon(MATIC)$0.88-5.47%
  • tronTRON(TRX)$0.068487-3.00%
  • Shiba InuShiba Inu(SHIB)$0.000011-11.63%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,945.00-4.24%
  • ethereum-classicEthereum Classic(ETC)$37.14-2.62%
  • leo-tokenLEO Token(LEO)$4.932.79%
  • OKBOKB(OKB)$17.96-2.43%
  • litecoinLitecoin(LTC)$58.55-6.78%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.35-2.88%
  • FTXFTX(FTT)$29.39-6.66%
  • chainlinkChainlink(LINK)$8.45-3.74%
  • UniswapUniswap(UNI)$8.40-5.20%
  • CronosCronos(CRO)$0.144404-4.83%
  • cosmosCosmos Hub(ATOM)$10.87-9.71%
  • FlowFlow(FLOW)$2.95-4.14%
  • stellarStellar(XLM)$0.120753-2.27%
  • moneroMonero(XMR)$158.43-6.42%
  • bitcoin-cashBitcoin Cash(BCH)$132.88-8.03%
  • algorandAlgorand(ALGO)$0.342422-22.84%
  • vechainVeChain(VET)$0.029730-6.77%
  • ApeCoinApeCoin(APE)$6.86-8.10%
  • filecoinFilecoin(FIL)$8.05-8.78%
  • Internet ComputerInternet Computer(ICP)$7.76-6.44%
  • ChainChain(XCN)$0.0896390.99%
  • decentralandDecentraland(MANA)$1.02-7.63%
  • HederaHedera(HBAR)$0.074302-7.67%
  • The SandboxThe Sandbox(SAND)$1.28-6.89%
  • QuantQuant(QNT)$121.50-6.06%
  • tezosTezos(XTZ)$1.78-7.31%
  • Axie InfinityAxie Infinity(AXS)$17.44-6.95%
  • theta-tokenTheta Network(THETA)$1.52-7.66%
  • ElrondElrond(EGLD)$61.25-8.64%
  • FraxFrax(FRAX)$0.98-2.31%
  • AaveAave(AAVE)$97.37-5.82%
  • Lido DAOLido DAO(LDO)$2.26-3.27%
  • true-usdTrueUSD(TUSD)$1.00-0.13%