Regulators Take Charge: SEC and CFTC Push Forward on Crypto Rules
The US regulatory landscape for cryptocurrencies has taken a significant turn as the SEC and CFTC push forward on their own rulemaking efforts. Despite the failure of the Digital Asset Market Clarity Act, which aimed to provide clear guidance for digital assets, these agencies are moving ahead with their plans.
The SEC is proposing Regulation Crypto Assets, which would introduce flexible registration exemptions for crypto startups with limits of up to $5 million and $75 million. Public hearings on this proposal will continue through October 20. Commissioner Hester Peirce has publicly expressed her concerns about previous hard-line approaches, calling them 'infantilizing investors.'
The CFTC, under Chairman Michael Selig, is using its current authority to shape the market structure and has updated its rules for accounting for tokenized assets. The agency has also sent a comprehensive regulatory proposal to the White House for approval.