Gary Gensler talked about a single rule book, which will regulate every type of crypto asset.
Gary Gensler is Chairman of the US Securities and Exchange Commission (SEC). The SEC agency is known as the leading regulatory body in the US, which regulates the spot money market and crypto market also. Due to different use cases and the nature of crypto assets, the SEC agency facing issues in perfectly categorizing and regulating under the existing framework.
The Financial Times recently reported that the SEC chairman is in talks with US Commodities regulatory body, to bring better security and safety from the US-based crypto Investors.
SEC Chairman revealed that he is in the planning to bring better communication with the CFTC agency to share information directly to/from the agency regarding crypto assets. In particular, the SEC agency will share information regarding those crypto assets which also fall under the category of Commodity assets.
In this way, the SEC chairman talked about the single regulatory approach through the better collaboration of the Securities and Commodities regulatory body.
“I’m talking about one rule book on the exchange that protects all trading regardless of the pair – (be it) a security token versus security token, security token versus commodity token, commodity token versus commodity token.”
According to SEC Chairman, this single regulatory rule book will ensure the safety of the crypto investors and also will prohibit the possible manipulation fraud, and front running.
Gensler also noted that such a regualtory approach will provide better ease for the crypto firms to get registered with the SEC agency so that crypto companies might ensure the safety of the crypto investors amid the downfall in the price of crypto assets.
This news is coming around a week after the bill proposed by the Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York. That proposed bill aimed to give authority to the CFTC body to regulate crypto assets, which fall under the security assets category.