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Crypto Regulation Underway In the US

The New Chairman of the Securities & Exchange Commission of the US (SEC) has been appointed by the US Senators. Gary Gensler, an ex-public service officer and a lecturer of Crypto & Blockchain at MIT, has taken over the duties as SEC’s Chairman.

Gensler was handpicked by President Joe Biden for the job who obtained majority votes in the US Senate. All the four Commissioners of SEC too were seen warmly welcoming and appreciating him being the new Chairman. Similarly, the state officials as well as the private sector too appreciated him for his success.

However, it seems that the Americans are done away with the appreciations and mean business now.

It has been reported in the local press that Biden Administration is seriously thinking over forming crypto regulations. While this report was still circulating without any confirmation until Charlie Gasparino of Fox Business confirmed Government’s crypto strategy. He suggested that people who are working closely with the US President have told him that crypto regulation is already underway. He also suggested that he had been told that the utmost priority of the Biden Administration is the development of infrastructure. After infrastructure, the second priority of the Administration is relating to tax.

Gasparino went on to even state that another hot topic that is under immense debate amongst Biden’s politicians is the crypto market. They have been found discussing crypto regulations within and outside the Government quarters. It was further informed by Gasparino that currently Gensler is awaiting instructions from the US Treasury regarding crypto regulations. He was of the view that Gensler already has a plan wherein enforcement actions have already been outlined by Gensler. He further stated that the key bureaucrat who is leading the efforts for crypto regulation is Janet Yellen. While in the US Treasury, the Department’s Secretary, Wally Adeyemo, is the main vocalist in favor of crypto regulation.

Gasparino was asked to render his opinion on the assumption that in several countries cryptocurrencies have been outlawed. In response, he stated that the US crypto industry is different from any other crypto industry in the world. He explained that in the US there is a huge majority of crypto investors and therefore it is not easy to take it out. He totally ignored the possibility of cryptocurrencies being outlawed in the US. However, he agreed that there might be further crypto regulations in addition to the ones already existing.

He also talked about the newest trend of Bitcoin ETF Funds being intended by several entities in the US. However, the matter is still under consideration and going through debates in the SEC. Gasparino was of the view that there is a possibility that in order to please Republicans’ nominated Commissioners, Gensler might agree to the ETF. But with regard to broader policy matters, Gensler has his own plans and will be working on the agenda of Democrats.

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