Key Highlights of the Story

The Securities Industry and Financial Markets Association (#SIFMA ) urges the U.S. Securities and Exchange Commission (SEC) to establish clear rules for cryptocurrencies: The trade group calls for consistent and technologically progressive regulations to align cryptocurrencies with traditional finance.

Focusing on custody, trading, and tokenization: SIFMA's meeting with the SEC (#SEC ) pushes for unified oversight on the issuance of digital assets and their infrastructure.

SIFMA (Securities Industry and Financial Markets Association), a U.S. trade association for securities firms, banks, and asset management companies, called on the SEC to establish clear rules for cryptocurrencies. On Thursday, the platform met with agency officials to discuss the issuance of digital assets, commodities, and tokenized securities.

The need for consistent and progressive rules for cryptocurrencies

According to the memo, SIFMA urged the U.S. Securities and Exchange Commission (SEC) to establish consistent and progressive rules for cryptocurrencies, along with a clear regulatory approach for platforms dealing with digital assets. SIFMA also encouraged the SEC to adopt innovative approaches that align with current technological advancements.

It also suggested that the SEC adopt a "comprehensive approach" to integrate technological updates, classify digital securities and commodities, develop open digital securities with transparency, and provide cross-border applicability in the crypto landscape.

Key Takeaways from SIFMA's Meeting with the U.S. Securities and Exchange Commission (SEC)

This initiative aims to integrate traditional finance (TradFi) into the cryptocurrency space, with major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

SIFMA also seeks to enhance regulatory clarity through consistent and progressive rules for cryptocurrencies, in order to foster innovation and facilitate the integration of traditional finance into the cryptocurrency market in the United States.

This effort also aims to establish a unified regulatory approach for the issuance, custody, and trading of cryptocurrencies.

SIFMA also stressed that the SEC must ensure functions - exchange and brokerage, trading and custody of assets, and enhancing competition and interoperability among service providers - in digital commodities and tokenized securities.

Encouraging the adoption of digital assets

SIFMA, which holds nearly 90% of the U.S. financial market share, pointed to the increasing demand from traditional financing entities to adopt digital assets in their products and services. Therefore, it embarked on establishing clear rules for the regulatory approach to cryptocurrencies. Paul Atkins, chairman of the SEC, emphasized the need for clear rules for cryptocurrencies, stating:

"To establish clear rules for the issuance, custody, and trading of cryptocurrencies, aimed at protecting investors and encouraging responsible innovation."

Summary

SIFMA continues to develop and promote the regulatory framework for digital assets in the United States. This step comes at a time when the country has reached a peak in its adoption of digital assets through the implementation of a series of new laws. Despite these regulations, this approach lacks legal clarity, which is likely to be resolved with SIFMA's proposal. $BTC $ETH $XRP #NFPWatch #REX-OSPREYSolanaETF #DYMBinanceHODL