SEC Chair Gary Gensler is carving out powers for himself and quashing crypto because he can, because governments failed to recognize the significance of crypto and regulate it sooner, PaoloTasca argues. Opinion.
and a handful of other firms, founded by regulatory insiders, to be the primary dealer for digital assets. Prometheum has a license to operate as an alternative trading system that plans to list"digital asset securities" – but it's unlikely any cryptocurrencies will ever fit that regulatory designation.
Lawmakers should show concern that Gensler is practically creating his own"fourth" branch of government by introducing, bypassing the usual law-making process and standards like the Administrative Procedures Act. Whether legal or no, it is having an outsized effect. It is beyond clear that the traditional regulatory frameworks do not fit Web3, blockchain and crypto and likely need to be updated. As a sector, we must continue to demand revolutionary approaches for effective regulation in these rapidly evolving markets. And as new bills are proposed, we must provide vocal commentary in whatever route is available.
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