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US Securities and Exchange Commission (SEC) Commissioners Esther Pierce and Elad Roizman have spoken out against a regulatory agenda that does not address cryptocurrency-related issues.
Hester Peirce and Elad Roisman said they were disappointed that SEC Chairman Gary Gensler had not clarified digital assets on the regulatory agenda. In their opinion, the document should include clauses regarding assistance to companies in raising capital and protecting investors.
“We need to take on the challenge of formulating rules that will help investors and regulators interact with cryptocurrencies and securities. The regulatory agenda, with its silence on cryptocurrencies, signals that the market can expect further questions about the application of securities laws, ”said Pierce and Roizman.
The commissioners stressed that this issue is of great interest to investors. Regulatory uncertainty creates room for fraudsters to maneuver and, at the same time, discourages respectable market participants who comply with the law. Pierce and Roizman believe that the agenda is missing two important issues that are critical to sustaining the market.
The first question is the proposed exclusion from the Law on Exchanges of some quotes of broker-dealers in the expert market. The second is the amendment to the Law on Investment Companies, which regulates the cross-trading of such companies. According to the Komissarov, the postponement of amendments to the legislative draft “makes the data of investors more vulnerable.”
In a recent statement, SEC Chairman Gary Gensler said that investors need protection when an exchange trades against a client. He announced that he is going to strengthen measures to protect investors.
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