The SEC is accelerating updates to cryptocurrency regulations to create a clearer and safer legal environment for the digital market.
The U.S. Securities and Exchange Commission (SEC) collaborates with departments to build a legal framework based on existing laws, aimed at protecting investors and promoting innovation in the cryptocurrency industry in the United States.
MAIN CONTENT
The SEC is reviewing regulations related to the storage and trading of digital assets.
The Crypto Project focuses on updating laws based on the GENIUS Act and recommendations from the Government.
The SEC aims to balance innovation and investor protection to maintain a leading position in the global cryptocurrency market.
What actions is the SEC taking to update cryptocurrency regulations?
The SEC is currently reviewing the regulatory system for the storage and trading of digital assets, with the goal of ensuring that these activities are conducted safely and legally.
Mr. Paul Atkins, Chairman of the SEC, asserts that nearly 90-year-old rules need to be modernized to align with the developments in Blockchain and cryptocurrency. The agency integrates all departments to implement recommendations from the Presidential Task Force Report on Digital Assets, aiming to create a more favorable environment for the cryptocurrency industry in the United States.
The SEC emphasizes the security of digital assets, warning against keeping assets on unsafe personal storage devices like USB drives, while establishing clear, stable principles to help investors predict and comply.
On what basis is the SEC building regulations to manage the crypto market?
The new regulations being developed by the SEC are based on the existing legal framework, particularly the GENIUS Act, along with initiatives aimed at restructuring the traditional financial market in line with the digital age.
Mr. Atkins notably cited the ruling from the North Dakota Court that overturned the Durbin interchange fee regulation, facilitating alternative payment methods including cryptocurrencies. Additionally, government decisions to allow 401(k) retirement plans to invest in diverse assets, including digital assets, represent a significant step in portfolio diversification.
This shift clearly reflects the SEC's vision of ensuring technological innovation while maintaining the responsibility to protect investors and sustainably develop the cryptocurrency market in the United States.
"The Crypto Project aims to modernize regulations so that the U.S. financial market can operate on a Blockchain basis, becoming the global cryptocurrency capital. The SEC will not stand aside as new technologies develop abroad when they can fully develop in the U.S."
Paul Atkins, Chairman of the SEC, 2023 (Fox Business)
Frequently Asked Questions
What role does the SEC play in regulating the cryptocurrency market?
The SEC is conducting reviews and updates to regulations to protect investors, ensure that cryptocurrency transactions comply with existing laws, and facilitate technological innovation.
How does the GENIUS Act affect cryptocurrency policy?
The GENIUS Act is the legal foundation for the SEC to develop regulations that align with the characteristics of Blockchain technology and cryptocurrencies in the modern financial market.
What does the repeal of the Durbin regulation mean for cryptocurrencies?
This ruling opens up opportunities for the development of alternative payment methods, including cryptocurrencies, promoting diversification in the financial industry.
What actions is the U.S. government taking to support cryptocurrency investment?
The decision to allow investment in 401(k) retirement plans toward expanding investment assets, including cryptocurrencies, aims to increase opportunities and diversify portfolios.
How is the security of digital assets emphasized by the SEC?
The SEC highlights that the storage of digital assets must be secure, avoiding the use of insecure personal storage devices, thereby reducing risks of loss or data misuse.
Source: https://tintucbitcoin.com/sec-dinh-huong-my-thanh-trung-tam-crypto/
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