US SEC Expected to Impose ‘Fair Amount’ of Regulation on Cryptocurrencies, Says Former Chairman

Former SEC Chairman Harvey Pitt says he expects the SEC to take on the regulation of cryptocurrencies once a new chairman is confirmed.

Former SEC chairman expects real value from new crypto rule.

Harvey Pitt discussed the future of crypto-currency regulation under new chairman Gary Gensler in an interview with Bloomberg on Friday. Pitt is an American lawyer who served as the 26th president of the United States from 2001 to 2003. Chairman of the United States Securities and Exchange Commission (SEC).

In the context of Coinbase’s market entry via a direct listing on Nasdaq, Pitt was asked what he expects from the regulation of cryptocurrencies and cryptocurrency exchanges. The former chairman of the Securities and Exchange Commission said:

I expect fair regulation of cryptocurrencies. At this point, I don’t think the rules are clear.

It is difficult to know whether or not a particular offering is related to securities. There is a possibility that the SEC will move on. Gary Gensler is an expert on crypto-currencies. He taught about them. He is an expert on the market, Pitt said. I hope that under his leadership clear rules of conduct will be developed.

Gensler, a professor of cryptology at the Massachusetts Institute of Technology (MIT), was confirmed as chairman of the SEC last week. He was sworn in as a member of the Securities and Exchange Commission on Saturday.

Pitt was also asked if the Securities and Exchange Commission should be the regulator of cryptocurrencies or if it should be the Commodity Futures Trading Commission (CFTC), of which Gensler is the former chairman. Pitt also stated:

The question is where the responsibilities lie and perhaps the legislation needs to be clarified. The SEC has already taken the position that Bitcoin and Ethereum are not securities and therefore there are no regulatory implications from the SEC.

The former chairman further explained that companies like Coinbase, which actually make cryptocurrency exchanges, are subject to SEC rules, so the commission indirectly influences how these cryptocurrencies are sold.

SEC Commissioner Hester Pierce also recently stated that she is optimistic that the SEC will be able to create a proper regulatory framework for cryptocurrencies under a new chair with extensive knowledge of the cryptocurrency markets.

Do you think the Securities and Exchange Commission will introduce many new rules for cryptocurrencies? Let us know your comments in the section below.

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