US report calls for “appropriate” crypto regulation

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Updated October 10, 2022 | Published October 10, 2022

2 mins read

A report by the Financial Stability Oversight Council has highlighted crypto risks related to the mainstream financial system in the US.

A new report by US regulators calls for “appropriate regulation” on the cryptocurrency sector.

Once again, concerned officials are expressing the need for a more comprehensive approach to the regulation of cryptocurrencies to eliminate risks to the stability of the US financial system.

The report released by the Financial Stability Oversight Council is 124-pages long and covers recent developments and the historic evolution of the cryptocurrency market.

The report also focuses on “Ensuring Responsible Development of Digital Assets”, an Executive Order issued by President Joe Biden in March this year.

The White House has been working hard to find a middle ground for all stakeholders. President Biden also introduced a Comprehensive Framework initiative, urging all regulators to come together and work on issues that pertain to the industry.

SEC chair Gary Gensler has welcomed the report. “Given that most crypto tokens are securities, it follows that many crypto intermediaries are transacting in securities and have to register with the Securities and Exchange Commission (SEC) in some capacity”, he said.

Gensler maintains that crypto tokens need to be treated as securities in most of the cases, giving SEC regulatory rights over them.

This prospect is loathed by cryptocurrency companies who have been in a lot of hot water over what they have described as lack of clarity and regulatory guidance from SEC.

The regulator has been naturally reluctant to issue rules that may end up misleading investors or creating bad overall market conditions, hence the delay in any meaningful action.

SEC has not hesitated to act against various entities, including Kim Kardashian and Ripple Labs. However, Gensler does see some cryptocurrencies as non-security assets.

For example, Bitcoin isn’t a security, Gensler has repeatedly said over the years, but cautioned that the majority of other tokens are.

While SEC can deal with securities, the Commodity Futures Trading Commission can preside over Bitcoin, he has explained.

The latest report stresses the urgent need for more action that leads to meaningful regulatory frameworks.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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