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U.S. SEC New Secretary Considers Cryptocurrency Regulations and Bitcoin ETFs = Fox Business

Cryptocurrency regulation policy under the Biden administration

Fox Business has been informed that Gary Gensler, the new Secretary of the Securities and Exchange Commission (SEC) in the United States, is waiting for instructions from the Treasury to regulate crypto assets (cryptocurrencies). The direction of regulation placed on the Biden administration is awaited.

Gensler was approved by a Senate vote on the 14th and was officially appointed as the new Secretary of the SEC on the 17th. Gensler, who has been a director of financial regulation in multiple administrations, has an understanding and knowledge of cryptocurrencies, so future policies are expected from the industry.

According to Fox Business reporter Gasparino, the Biden administration is currently in the “early stage” of enacting cryptocurrency regulations. This information comes from sources close to the administration, with the government prioritizing national infrastructure and taxes for the foreseeable future, but Secretary Gensler is waiting for the Treasury’s comprehensive policy, which will be more specific in the future. Regulatory approach seems to be established.

According to the Ministry of Finance, Deputy Secretary of Finance Wally Adeyemo is responsible for cryptocurrency policy.

Reporter Gasparino said that the Biden administration is not banning cryptocurrencies, but is thinking about appropriate policies on how to regulate them, based on the story of government officials interviewed, and said that cryptocurrencies will survive in the future. Stated.

Treasury Secretary Janet Yellen recently spoke at the U.S. Financial Sector Innovation Policy Roundtable, showing his understanding of the potential of cryptocurrencies and blockchain, while pointing out related risks such as money laundering and terrorist financing. It suggested regulatory compliance.

About Bitcoin ETFs

Regarding the Bitcoin ETF (Exchange Traded Fund) review, Gasparino also provided information on the current state of the SEC.

SEC commissioners are currently discussing Bitcoin ETF reviews in a big way, and Gensler may move to approve Bitcoin ETFs, according to what he said with the SEC’s securities lawyer. It is another strategic tool for financial regulation, Gasparino explained.

Bitcoin ETFs have never been approved in the United States. Meanwhile, Bitcoin ETFs have already been approved and traded in Canada and Brazil. In addition, Canada has also realized Ethereum ETFs, and the industry is urging the US SEC to respond.

Canada's first Ethereum ETF (Exchange Traded Fund) realized
Canada’s first Ethereum ETF (Exchange Traded Fund) realized

In Canada, the virtual currency Ethereum (ETH) ETF (Exchange Traded Fund) was realized for the first time, and two ETFs were approved.

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Author: Lewis Kikutani
reference:Fox Business

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

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