Uzman Coin5 hours agoCrypto1 min read

An important milestone has been passed in cryptocurrency regulations: SEC has completed

The consultation process for the SEC's proposed crypto asset regulations has been completed; While industry representatives supported the rules, experts warned about legal guarantees.

Quick Look

The 140-opinion gathering process on the US SEC's crypto asset regulations proposal has ended.
While industry representatives supported the rules, experts noted that SEC rules rather than Congressional legislation may not provide long-term legal assurance.

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Why It Matters

The SEC has been collecting opinions on crypto asset regulations since August. The Clarity Act did not pass the Senate in September.

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The US Securities and Exchange Commission (SEC) announced that the consultation period on the “Crypto Asset Regulations” proposal has ended. The institution has received a total of 140 opinions in the process that has been ongoing since August. Paul Atkins and his team are expected to evaluate the comments, make the necessary changes and finally put the final rules to a vote.

What did industry representatives say?

According to the news in Bloomberg, the crypto world generally supported the rules. MiCA Crypto Alliance, which aims to facilitate compliance with the MiCA process in Europe and set common standards with the USA, generally supported the regulations. However, the group suggested that companies should provide more detailed information.

Anthony Scaramucci, CEO of SkyBridge Capital and known for his support for cryptocurrencies, was among the names that supported the whole set of rules.

“The law would be much better”

Some legal experts, whose names Bloomberg did not share, stated that SEC rules should not be put in the same breath with the passage of a law by Congress. Experts stated that SEC rules are much more open to external factors and may not provide legal assurance in the long term. In other words, experts have, in a way, emphasized the importance of not passing the Clarity Act.

As you may remember, the Clarity Act failed to pass the preliminary vote in the Senate in September. All Democratic senators said "No" to the law, and then the SEC and CFTC stepped in and decided to advance their own rules within a few days, as if in defiance of Congress.

It's like a veiled message to Congress...

Just one day after the Clarity Act was rejected in the Senate on September 15, SEC Chairman Paul Atkins said that the SEC would use its existing legal powers to provide regulatory clarity in the crypto market, “whether or not Congress passes the bill.”

On September 17, the SEC announced an exemption for tokenized shares and sent a veiled message to Congress.

CFTC Chairman Michael Selig also stated that the institution he heads is ready to prepare new rules for the crypto market.

What to Watch

AI outlook — possibilities, not facts

Paul Atkins and his team are expected to evaluate the comments and put the final rules to a vote.
Very likely · Within weeks

Open Questions

When will the SEC vote on the final rules?
Will Congress introduce a new bill?