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December 5, 2022
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Harvey Pitt, former SEC chairman, expects “appropriate” regulation of the cryptocurrency market –

Former SEC chairman Harvey Pitt says he is expecting “Fair quantity” cryptocurrency regulations.

Harvey Pitt: He wants “fair amounts” of regulation

Harvey Pitt spoke about the future of cryptocurrency regulation under new SEC chairman Gary Gensler in an interview with Bloomberg. Recall that Pitt is an American attorney who was the 26th chairman of the US Securities and Exchange Commission (SEC) from 2001 to 2003.

With the market debut of the Coinbase exchange – through direct listing of its shares on the Nasdaq – another breakthrough took place for the cryptocurrency market. So Pitt was asked what he expected now to regulate digital currencies and exchanges.

– I expect to see a lot of cryptocurrency regulations. Right now, I think the rules are unclear – He said. – It is not clear if some offer [emisji] include securities or not. There is a definite likelihood that the SEC will move forward. Gary Gensler is a cryptocurrency expert. He taught about them. He is a market expert Pitt continued.

In fact, Gensler is a professor of cryptography at the Massachusetts Institute of Technology (MIT) who was approved last week as chairman of the SEC.

Who should regulate cryptocurrencies?

Pitt was also asked if the SEC should even be a regulator of cryptocurrencies, or if it should be the Futures and Commodities Trading Commission (CFTC), of which Gensler previously chaired.

– The real question is where the jurisdictions are and the rules may need to be clarified. The SEC has already taken the position that Bitcoin and Ethereum are not securities and therefore has no regulatory involvement on the part of the SEC – he said.

The former chairman of the committee further explained that companies like Coinbase, “Which effectively create cryptocurrency markets”, are regulated by the SEC and therefore the authority will indirectly influence how cryptocurrencies are sold to investors.

SEC Commissioner Hester Peirce recently also said she is “Optimist”, because under a new chairman who has a lot of knowledge about cryptocurrency markets, the SEC may “build a good regulatory framework “ for digital assets and currencies.

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