SEC is Eyeing Crypto Exchanges for Regulatory Oversight -Breaking
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SEC Eyes Crypto Exchanges to Ensure Regulatory OversightAt least one U.S. regulatory agency doesn’t want to wait around for Congress to take up the issue of regulating cryptocurrencies. The SEC has placed the digital asset trading platforms, which allow crypto to be purchased and sold, on its regulatory radar according to a Bloomberg Report yesterday.
Since the Presidential Working Group’s findings on digital coins last fall, the SEC and Treasury officials have publicly urged Congressmen to adopt policy on programmable currency. Since that report was issued, the House and Senate have held initial hearings to gather information and score political points – but that’s been about it.
It’s reported that Chair Gensler wants to see crypto trading platforms – such as Coinbase (NASDAQ:), Gemini, Kraken…etc. – move under the investor protection auspices of his agency, much like the way the SEC oversees the NYSE and NASDAQ stock exchanges.
“I’ve asked staff to look at every way to get these platforms inside the investor protection remit,” said Gensler in the news article. “If the [crypto] trading platforms don’t come into the regulated space, it’d be another year of the public being vulnerable.”
It’s not clear if the SEC’s regulatory reach for crypto exchanges is overreach or reasonable, but don’t expect Congress to help clarify those points this year.
That’s because cryptocurrencies are a dog at the polling booth, and I don’t mean or . Although 86% of Americans of voting age have heard about cryptocurrency, 16% have traded or bought any kind of programmable currency. Crypto isn’t a significant issue for the majority of voting people, much less the majority. It’s improbable that crypto will be a winning policy issue for either party at the critical midterm elections this November, where majority control for both houses of Congress is up for grabs.
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