Republican Commissioner Hyster Peres told Bloomberg that encryption companies may obtain new guidance from the Securities and Stock Exchange Committee even if Congress takes its time.
Pierce, also known as “Crypto Mom”, said that the agency’s employees have been on instructions since January, and that SEC has plans to use its current authority to clarify how securities laws are applied to symbols and trading in the chain.
This means that the rules may be transformed from internal notes or employee messages instead of new federal laws alone.
The encryption project is moving forward
According to the comments of the Supreme Education Council, President Paul Atines launched a program called The encryption project To bring in the rules of securities compatible with modern markets.
Pierce said that the project “is going well” and that the teams throughout the agency meet with industry leaders.
Based on reports, these meetings aim to narrow how the current law explains the distinguished code, trading platforms and custody services.
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A draft law faces a passenger in the industry
Last month, the US Senate Banking Committee A. Market structure bill It aims to address encryption and censorship.
Reports revealed that companies such as Ripple raised fears that the bill could expand the SEC range.
Pears described the draft as “very sophisticated legislation to work”, and said that the agency is ready to work with members of the House of Representatives and the Senate to help form the final text.
Coordination with CFTC is ongoing
The draft law aims to draw lines between the Supreme Education Council and the Justice Contracts Trading Committee. Pierce noticed that she worked with CFTC For many years and that employees of both sides coordinate the recommendations.
This coordination focuses on preventing conflicting rules and on identifying the agency that must deal with different types of encryption products.
Companies working in symbolic markets must assume guidance and can implement their enforcement from the Supreme Education Council even before Congress.
This means that compliance teams must document how their products are suitable in the framework of current securities tests and be ready for employee inquiries.
Peres notes indicate that the agency will try to provide practical guidance, but also reminded the masses that the powers of enforcement are still available while developing the guidance.
On clarity and uncertainty
Investors may see market reactions when SEC exports the guidance or when update Congress The draft law.
Separate two paths – administrative guidance from the Supreme Council for Education and Possible Legislations of Congress – can result in a faster clarity in some issues, while creating uncertainty over others.
Based on modern data, the Supreme Education Council intends to dispose of its current authority while the legislative process continues.
This approach may speed up some answers to the industry, but also maintains the risk of enforcement and leaves open questions about the final division of power between SEC and CFTC.
Distinctive image from Getty Images, the tradingvief chart
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