{"id":3826,"date":"2021-05-27T16:28:00","date_gmt":"2021-05-27T15:28:00","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=3826"},"modified":"2021-05-27T16:28:06","modified_gmt":"2021-05-27T15:28:06","slug":"us-sec-ready-to-work-with-to-regulate-crypto","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/us-sec-ready-to-work-with-to-regulate-crypto\/","title":{"rendered":"Crypto: US SEC ready to work with Congress to regulate trading"},"content":{"rendered":"\n
The United States Securities and Exchange Commission (SEC) head Gary Gensler said that the authority spends only $325 million per year on tech. SEC is looking to cooperate with Congress and other regulators to increase its oversight of cryptocurrency<\/a> exchanges.<\/h5>\n\n\n\n

<\/p>\n\n\n\n

\"Securities<\/figure>\n\n\n\n

Gary Gensler, the newly appointed chairman of the SEC, said that the commission is looking forward to working w\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>ith fellow regulators and Congress to fill gaps in investor protection in crypto markets.\u00a0<\/p>\n\n\n\n

The official announced the plans at a Wednesday hearing before the Financial Services and General Government subcommittee of the House of Representatives.<\/p>\n\n\n\n

Gensler said that the SEC needs to provide similar protections for crypto exchanges that an investor would get on the New York Stock Exchange or Nasdaq:<\/p>\n\n\n\n

\u201cIf you placed an order on an app, and you said, ‘Alright, I want to buy a stock,' there are rules that protect you that somebody won\u2019t use your order and get ahead of you. […] So, it\u2019s trying to bring similar protection to the exchanges where you trade crypto assets as you might expect at the New York Stock Exchange or Nasdaq.\u201d<\/em><\/p><\/blockquote>\n\n\n\n

The new SEC head also outlined some of the challenges to regulating the cryptocurrency industry, stating that the SEC is \u201cunder-resourced\u201d in financial terms when compared with some of the big players in the industry. \u201cWe only spend about 16% or 17% of our budget, about $325 million a year, on technology, which is less than probably some large firms spend in a month. Some of them even spend that much in two weeks,\u201d he noted.<\/p>\n\n\n\n

Gensler previously suggested that the SEC should be cooperating with Congress to properly address crypto exchange regulation in a market volatility-related hearing of the House Financial Services Committee in early May.<\/p>\n\n\n\n

Last week, Michael Hsu, the new head of the Office of the Comptroller of the Currency, announced that the agency has been in talks with the U.S. Federal Reserve and the Federal Deposit Insurance Corporation about setting up an \u201cinteragency policy sprint team\u201d focused exclusively on crypto.<\/p>\n","protected":false},"excerpt":{"rendered":"

The United States Securities and Exchange Commission (SEC) head Gary Gensler said that the authority spends only $325 million per year on tech. SEC is looking to cooperate with Congress and other regulators to increase its oversight of cryptocurrency exchanges. Gary Gensler, the newly appointed chairman of the SEC, said that the commission is looking […]<\/p>\n","protected":false},"author":63,"featured_media":3827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[418,419,132],"class_list":["post-3826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-commission","tag-congress","tag-crypto"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/Securities-and-Exchange-Commission.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=3826"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3826\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/3827"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=3826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=3826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=3826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}