As the CFTC prepares a new pilot program to regulate the cryptocurrency market, US senators are leveling serious accusations at the regulators.
Bill Hagerty says SEC is blocking cryptocurrency innovation
US Senator Hagerty has once again expressed his anger towards SEC Chairman Gary Gensler. Hagerty accuses the regulator of hindering cryptocurrency innovation. Meanwhile, senators will have the chance to question Gensler directly next week, September 12. Regarding the problems caused by the SEC, Hagerty says:
For companies looking to invest and expand, this forces them to look abroad for more favorable regulatory environments. That’s not where we need to be right now.
Hagerty says Gensler’s hostile relationship with cryptocurrency is “harming the industry.” But he also criticizes US banking regulators for creating an atmosphere among banks that makes them wary of crypto connections. The senator also declined to speculate on which of the ongoing crypto legislative efforts will most likely make progress. But he said Congress should take a step-by-step approach rather than a comprehensive approach.
He is currently playing an active role in cryptocurrency regulation at the CFTC along with the SEC in the US. The regulator yesterday introduced a new pilot program for the cryptocurrency market.
CFTC official calls for pilot program
CFTC official Caroline Pham suggests that a limited pilot program should be established for crypto regulations in the US. Pham emphasizes the importance of implementing such a program to support the development of regulated cryptocurrency markets and tokenization. This proposal comes as part of the CFTC’s efforts to foster innovation in the crypto space.
Inspired by the success of past pilot programs, Pham advocates for the creation of this time-limited program that would determine registration and eligibility requirements, financial resources, risk management and other requirements. In addition, Pham, who follows the developments in the sector by establishing the CFTC’s subcommittee on the cryptocurrency market, points out the importance of acting with a forward-looking perspective.
These recommendations come at a time when the cryptocurrency industry is carefully monitoring the process of creating regulations in the US. While it remains unclear how the draft laws will take shape, Pham’s suggestions are important in determining its future potential. As Kriptokoin.com, we have included the latest moves of the USA on taxation in this article.
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