US Securities and Exchange Commission (SEC) Chairman Gary Gensler believes that cryptocurrency regulation should have “one rule book,” according to a report from the Financial Times last week. Gensler hopes to reach an agreement with the Commodity Futures Trading Commission (CFTC) to create synergy in regulation and avoid gaps in oversight.
The SEC boss asserted:
“I’m talking about one rule book on the exchange.”
Gensler explained that the proposed rule should cover investors from fraud, front-running, and manipulation, as well as make order books more transparent. He added that this rule book would cover “all trading regardless of the pair — [be it] a security token versus security token, security token versus commodity token, commodity token versus commodity token.”
According to the FT report, the SEC chairman noted that he was developing an MoU with counterparts over at the CFTC, which would be a formal agreement to security and transparency when trading the digital asset market. He explained that information on instruments under the purview of each regulatory agency will be shared bilaterally. He noted:
“By getting that market integrity envelope, one rule book on an exchange will really help the public. If this industry is going to take any path forward, it will build some better trust in these markets.”
Is Gary Gensler Too Hard On the Crypto Industry?
Last week, Gensler raised the alarm on several crypto products he believed to be “too good to be true.” He also warned that several crypto projects would fail following the Terra meltdown in early May.
Gary Gensler has been accused of being too restrictive on the crypto industry, with many criticizing his enforcement-based approach to regulating the market. Last month, SEC Commissioner Hester Peirce warned that the regulatory agency had “dropped the ball on crypto regulation,” warning that the long-term consequences could be dire.
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