SIFMA calls on the SEC to issue clear and consistent regulations for the cryptocurrency market to foster innovation and integrate traditional finance with digital finance.
Representing nearly 90% of the U.S. financial market share, SIFMA proposes that the SEC adopts a comprehensive approach, updates technology, and ensures transparency in regulations concerning the issuance, trading, and custody of digital assets.
MAIN CONTENT
SIFMA calls on the SEC to build a clear, consistent, and progressive legal framework for cryptocurrency.
The SEC should ensure transparent and competitive trading, brokerage, and custody functions in the digital asset space.
What is necessary for consistent and progressive cryptocurrency regulations?
The CEO of SIFMA asserts that establishing clear, synchronized regulations is the foundation for the sustainable development of the cryptocurrency market, aligning with modern technological advancements and protecting investors.
An official report from SIFMA emphasizes that the SEC needs to adopt a 'comprehensive' approach to the classification of digital assets, develop transparency and cross-border applicability, and facilitate innovation. This will not only help protect users but also increase the legitimacy and attractiveness of investments.
What are the highlights of the meeting between SIFMA and the SEC?
Financial experts believe that this initiative will promote the integration of the traditional financial system with the cryptocurrency market through major assets like Bitcoin and Ethereum.
During the meeting, SIFMA emphasized the need for synchronized regulations for the issuance, custody, and trading of digital assets. This helps reduce risks, enhance competition, and ensure compatibility among service providers in the digital market.
"Establishing clear regulations for the issuance, custody, and trading of cryptocurrency assets to protect investors while promoting responsible innovation is essential."
Paul Atkins, SEC Chairman, June 2024
Why is promoting the adoption of digital assets important?
SIFMA, holding nearly 90% of the financial market share in the U.S., recognizes the growing demand from traditional financial institutions wanting to integrate digital assets into their product and service offerings.
SEC Chairman Paul Atkins emphasizes that creating a clear legal framework helps build trust while enhancing innovation capabilities in the cryptocurrency ecosystem.
Conclusion on SIFMA's proposal to the SEC
SIFMA's proposal has received high praise in the context of the United States intensifying its acceptance and development of cryptocurrency through various new laws. However, current regulations still lack legal transparency, which will be addressed by the comprehensive legal framework proposed by SIFMA.
Frequently Asked Questions
How do the SEC's new regulations impact the cryptocurrency market?
A clear legal framework helps protect investors, creates a conducive environment for sustainable cryptocurrency products to develop, and minimizes the risk of fraud.
What does SIFMA propose in the meeting with the SEC?
SIFMA requests the SEC to issue consistent, comprehensive regulations regarding the issuance, custody, and trading of digital assets, ensuring competition and transparency among parties.
Which cryptocurrency assets are prioritized for integration into traditional finance?
Bitcoin and Ethereum are seen as representative assets, embodying the trend of integrating digital assets into the traditional financial system.
How will the implementation of the new regulations support investors?
Investors are better protected with transparent regulations, while also having the opportunity to access innovative, responsible, and legitimate cryptocurrency products.
What role does the SEC play in developing the cryptocurrency market?
The SEC is responsible for establishing appropriate regulatory guidelines to balance the promotion of innovation and the protection of investor rights in the cryptocurrency market.
Source: https://tintucbitcoin.com/sifma-yeu-cau-sec-lam-ro-quy-dinh-tien-dien-tu/
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