The SEC and CFTC in Pag -Sync will push us in advance of the Crypto race: CCI CEO
A crypto lobby group says the US returned to the track to lead the cryptocurrency industry following the latest White House crypto report called for the country’s financial regulators to align with digital ownership.
The report, released last week, marks a possible termination of the long TURF war between the Securities and Exchange Commission and the Commodity Futures Trading Commission on how to classify and organize cryptocurrencies.
“We had legal preceding – Bitcoin, Ether and many other digital possessions were more similar to the goods,” said Ji Hun Kim, newly designated CEO of the Advocacy Group Crypto Council for Innovation, in an exclusive interview with Cointelegraph.
“The President’s working group report reflects on it, (and) I think the CFTC will play an important role to play in the administration of these possessions, which are digital goods – not security.”
Kim, who attended the public release of the White House report, said “the time now” for the US to lead the global crypto race. While other jurisdictions have a long head start, the US is in a “Crypto sprint“Includes both SEC and CFTC signing plans to quickly implement report recommendations.
The US breed in crypto capital
The SEC under the previous administration faces widespread criticism from the crypto industry for regulatory-by implementation, filing, filing Laws against crypto companies based on existing security laws. That crackdown was integrated with what was recognized as the “Operation Chokepoint 2.0,” a wave of Deban that saw crypto companies that had lost access to traditional financial services.
“This is another example in which the report is clear and strong and positive – it clarifies that banks should be allowed to engage in various digital asset activities,” Kim said.
The previous uncertainty in the US regulation environment has pushed many crypto companies to the coast. Dubai quickly appeared as a leading destination, with a Crypto -focused regulator. Singapore and Hong Kong have also increased in popularity, which offers a desirable tax treatment and formal licensing regime for cryptocurrency exchanges.
But the grass is not always green. Although regulatory clarity improves the whole world, industry players learn that clarity does not always mean friendly crypto — something that The US is increasingly becoming.
Earlier this year, Dubai’s Virtual Asset Regulatory Authority is strictly supervised and provided companies 30 days to comply with that -updated policies. Singapore was expelled Unlicensed companies that exploit regulations loopholes only by delivering clients abroad. And Hong Kong’s careful speed with the release of licenses clearly does not accept all applicants.
Hong Kong ordinancewhich took place last Friday, created a new licensing regime for stablecoin providers. The European Union has its own stablecoin rulespart of its wider market in the framework of crypto-assets (MICA). The US response came in the form of the Genius Act, which is -tout as a major tool for preserving the The dominance of the dollar in the global financial system.
Related: Singapore’s released crypto companies may not find shelter elsewhere
This is where crypto enters the heart of a wider geopolitical power struggle. China is working on the supercharge the Internationalization of its fiat currencyRenminbi, through the Central Bank Digital Currency (CBDC). In contrast, US president Donald Trump signed An executive order in January The ban on any US released by the US government.
Kim supports the stance, focusing that the CBDCs are putting a direct threat to privacy. Instead, he taught the Genius Act as offers a viable, alternative driven market.
“In genius, you can see a lot of growth and development (in private stablecoins). I think the main focus should be on these types of stablecoins,” he added.
Meanwhile, the Stablecoin regime of Hong Kong is expected to play a strategic role in China’s CBDC ambitions. Chinese academics Argue Hong Kong’s Stablecoin network may allow Beijing’s digital currency to combine with Stablecoin’s global ecosystem.
US SEC’s “Project Crypto” and the Cftc’s “Crypto
Shortly after the White House’s Crypto report was published, the SEC opened “Crypto Project,” an initiative aimed at developing Formal guide for digital asset companies and Crypto companies will return to the US in response to the White House report.
The SEC recommends that the licensing is to be treated by allowing brokers to operate in different asset classes with a single license. It also aims to establish a clearer division between security and goods.
“It should not be a scarlet letter to be considered a security,” Atkins Says. “Many provides the preferred flexibility in the design of the product that security laws can afford, and investors will benefit from the opportunity to earn distribution, voting rights, and other typical security features.”
Related: Lessons learned at Operation Chokepoint 2.0 hearing in Congress
Meanwhile, CFTC, is self -positioning to play yet Middle paper regulating non-security digital assets. Act CFTC Chair Caroline Pham Says On August 1 that the CFTC will start with a “crypto sprint” to implement crypto recommendations of the Presidential Working Group.
The Division of Labor-including the CFTC regulating place markets for digital goods and the SEC dedicated to tokenized securities-is at the heart of The Clarity Act, described by Kim as important at the conclusion of the Tug-of-War over the two agencies. As the bill passed the house, it was still waiting movement In the Senate.
“You will see an increasing cooperation between the two agencies. That is a theme that many people do not notice in this report. It also includes the President’s executive order in January, which has assigned agencies to cooperate in granting clarity, guidance and decisions,” Kim said.
US crypto clarity is not deregulation, says CCI
Bitcoin (Btc) Proponents expressed how the White House crypto report missed it, as it Lack of an expected update to the Bitcoin Reserve.
Remembering is exaggerated outside the crypto industry. A coalition of more than 80 organizations that represent civil rights and consumer groups Opon The Clarity Act, which claims to be “deregulated” the crypto industry by the development of risky businesses.
Recently, Senators Elizabeth Warren, accompanied by Senators Chris Van Hollen and Ron Wyden, encouraged the comptroller’s office money to address potential conflicts of interest Arrival from the adventures of Trump’s family.
But Kim didn’t agree with that framing. To him, the White House report and recent regulation development involving genius and enlightenment actions represent a transition to regulation philosophy, not deregulation.
“I don’t think it’s deregulation,” he said. “I think it says, ‘Hey, we recognize the unique properties of digital possessions. We want to work with the industry to ensure that we best fight forbidden finances, protect consumers and investors and give the industry clear road policies.'”
With two of the country’s leading financial guardians now in line with the White House, the US appears to be ready to move the previous pregnancy and ambiguity.
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