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The SEC has released its regulatory agenda for 2021 and left out Bitcoin and cryptocurrency. Instead, it focuses on short selling, a topic that has become a heated debate following the same stock craze with GameStop and AMC Theaters.
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This is relatively surprising given the SEC Chairman’s comments on crypto and how he would like to see more regulation.
“This is a fairly volatile asset class, you could say very volatile, and the investing public would benefit from greater investor protection on crypto exchanges,” Gary Gensler said at the annual conference of the Financial Industry Regulatory Authority.
Gensler said the SEC has some authority over securities and that some cryptocurrencies fall into this category, but others, such as Bitcoin, do not.
“The SEC currently has a lot of authority in the area of securities, and there are a number of cryptocurrencies that fall under that jurisdiction, but there are some areas, especially bitcoin trading on major exchanges, for which the public is currently not really protected. . “
Gensler had pushed Congress to make an effort on crypto regulations in May, but there has been little action so far. However, Senator Elizabeth Warren called for a crackdown on cryptocurrencies over environmental concerns rather than investor protection.
“Bitcoin requires so much computing activity that it consumes more power than entire countries. One of the easiest and least disruptive things we can do to fight #CriskClimate is to fight crypto – currencies harmful to the environment, “Warren said at a hearing.
The SEC’s agenda shows that it will focus on reporting on climate risks, modernizing the market structure, greater transparency on share buybacks and short selling, and buy-back companies. specific vocation. It is still unclear when the regulator plans to tackle the looming crypto topic.
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