Former SEC chairman Harvey Pitt expects a “reasonable amount” of crypto regulation after confirmation of the new chairman from the US Securities and Exchange Commission.
The former SEC chairman expects a “reasonable amount” of the new crypto regulation
Harvey Pitt spoke about the future of cryptocurrency regulation under new chairman Gary Gensler in an interview with Bloomberg Friday. Pitt is the American attorney who served as the 26th chairman of the US Securities and Exchange Commission (SEC) from 2001 to 2003.
When Coinbase made its market debut via a direct listing on the Nasdaq, Pitt was asked what he expected with the regulation of cryptocurrencies and cryptocurrency exchanges. The former SEC chairman said:
I expect adequate regulation of cryptocurrencies. Right now I think the rules are unclear.
“It is unclear whether certain offers contain securities or not. There is a certain probability that the SEC will move forward. Gary Gensler is an expert in cryptocurrencies. He taught about her. He’s a market expert, ”continued Pitt. “I would expect clear road rules to develop under his leadership.”
Gensler, a crypto professor at the Massachusetts Institute of Technology (MIT), was confirmed as chairman of the SEC last week. He was sworn into office as a member of the SEC on Saturday.
Pitt was also asked if the SEC should be the regulator for cryptocurrencies or if it should be the Commodity Futures Trading Commission (CFTC), which Gensler previously chaired. Pitt went on to say:
There is a real question of where are jurisdictions and there may be a need to clarify the legislation. The SEC has already taken the position that Bitcoin and Ethereum are not securities and therefore there is no regulatory involvement of the SEC.
The former chairman said that companies like Coinbase, “which effectively create markets for cryptocurrencies,” are subject to SEC regulations, so the Commission will have indirect influence over how these cryptocurrencies are marketed.
Recently, SEC Commissioner Hester Peirce also said she was “optimistic” that the SEC can create “a good regulatory framework” for cryptocurrencies under the new chairman, who has extensive knowledge of the crypto markets.
Do you think the SEC will impose a lot of new crypto rules? Let us know in the comments below.
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