2021-06-13

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US authorities intend to actively participate in the regulation of the cryptocurrency market

2 min read

American financial sector regulators intend to play a more active role in the regulation of the cryptocurrency market, which is estimated at $ 1.5 trillion. According to the authorities, the increase in control is necessary against the background of concerns about the fact that due to improper supervision, depositors and investors may suffer.

Image: Financial Times

Despite the statements of the authorities, it may take time before the effect of regulating the cryptocurrency market will become tangible. This is due to the fact that the US regulators still have not yet determined, who exactly has legal grounds for controlling the unstable market. The Acting Head of the Department Controller (OCC), Michael Hyhal HSU, appointed this month, expressed confidence that US officials will work together to establish a “regulatory perimeter” for the cryptocurrency market.

One of the signs of the new approach of the American authorities to the issue of regulating digital assets is the recent inter-agency meeting, in which, in addition to the head of the OSS, representatives of the Federal Reserve System (FRS) and the Federal Deposit Insurance Corporation (FDIC) participated. According to reports, the purpose of the meeting was not in the development of policies, but in order to “offer agencies to consider some ideas.” It is also known that recent representatives of the Securities and Exchange Commission (SEC) and Commission on Commodity Futures (CFTC) began discussing the methods of protecting investors in the cryptocurrency market.

Last week, the Chairman of the SEC Gary Gary Gensler stated the Committee of the House of Representatives, which there are gaps in the current system, indicating the potential need for legislation defining which regulatory authority should control the cryptocurrency market. He noted that his goal is to provide “the same protection of cryptocurrency exchanges, which could be expected during trade in the New York Stock Exchange or NASDAQ.” He also said that the Ministry of Finance focuses on “combating money laundering and protection against illegal activities” in the cryptocurrency market.

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