The Commissioner of the Securities and Exchange Commission of the United States (SEC) Hester Pierce said that the regulation of cryptocurrencies in the United States resembles the game “Paul is Lava”. During the Know Your Custodian round table, she noted that companies are forced to jump between regulatory zones, avoiding direct contact with digital assets due to the obscurity of the law.
The pier explained that the SEC registrars are faced with uncertainty. It is not clear which assets are considered securities, who can act as a qualified castodian, and whether the actions like stakeing can violate regulatory requirements. According to her, the lack of clear standards creates serious obstacles to the development of the market.
She emphasized that brokers and trading platforms that are not able to safely store crypto acts will not be able to effectively develop trade. The pier called for the creation of clear rules that will allow you to safely work with digital assets and expand the participation of institutional players.
Commissioner Mark Uyed supported her opinion, declaring the need to expand access to reliable castedial services. He proposed to resolve the use of state -liability government trains to store crypto acts as qualified castodians.
The new Chairman of the SEC Paul Atkins also advocated the reform of the regulation of crypto assets. He stated that he sees the huge potential of blockchain technologies and emphasized the importance of forming a clear, rational regulatory framework that promotes innovation and protection of investors.
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Source: Cryptocurrency

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