SEC Chairman Answered Questions Concerning the Regulation of the Crypto Industry
07 June 2019 12:38, UTC
To date, the Commission has rejected a number of Bitcoin ETF proposals by VanEck, Gemini and Bitwise, with critics accusing the SEC of being too cumbersome thus causing talent to flee the US in search of crypto-friendly environment. Clayton provided several answers about ETF as well:
“We’re engaging on this but there are a couple of things about it that we need to feel comfortable with. The first is custody. Custody is a long-standing requirement in our markets. If you say you have something, you really have it.”
11-02-2019 09:48:32 | News
“Our retail investors look at this and say, ‘That looks like a stock or a bond that trades.’ We have sophisticated rules and surveillance to ensure that people are not manipulating the stock market. Those cryptocurrency markets, by and large, do not have that. And we’re working hard to see if we can get there. But I’m not going to just flip a switch and say this is just like stocks and bonds because it’s not.”Clear regulations will give a signal to financial institutions and investors that they can enter the space without fears or concerns. With approval from federal regulators, Wall Street could theoretically develop more financial products, such as exchange-traded funds, driving more interest, expansion, liquidity, and adoption.
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