SEC temporarily drops crypto from agenda

The US Securities and Exchange Commission (SEC) will not pursue cryptocurrencies too heavily for the time being after the regulator excluded crypto from its agenda on Friday.

In a customary publication on the SEC’s website, the watchdog published its regulatory agenda, detailing that it would not be focusing too heavily on crypto regulation.

This contrasts comments made by SEC chair Gary Gensler recently, who said that consumers would benefit from more regulation, particularly in exchanges.

However, the focus has shifted to special purpose acquisition companies or SPACs as well as gamification of trading platforms like Robinhood.

While the commission seems to be refocusing its efforts, there seems to be a lingering expectation that the watchdog will not ignore cryptocurrencies.

SEC commissioner Hester Peirce promised a “safe harbor” for crypto projects in a bid to avoid further legal complications as the recent SEC v Ripple case.

The change in focus was not entirely without a warning. Gensler appeared at a House Financial Services Committee in May and cautioned that ultimately, SEC would be limited in what it can and cannot do regarding cryptocurrencies.

“It’s neither fish nor bowl”, Gensler said at the time and argued that Congress should be doing more.

His concern was mostly to do with the fact that many assets were unregulated, and specifically many of the existing crypto exchanges which left room for fraud and manipulation, Gensler said at the time.

In the meantime, you can still play legally using crypto tokens on Bitcasino, 1xBit and FortuneJack.

Source

Updated: 06/14/2021 — 18:12