The U.S. Securities and Exchange Commission (SEC) has revealed some initiatives involving crypto assets in its Strategic Plan for the fiscal years 2022-2026. The initiatives are intended to address the SEC’s top priorities over the next four years.
SEC’s Strategic Plan for FY 2022-26
The U.S. Securities and Exchange Commission (SEC) published its “Strategic Plan” for the fiscal years 2022-2026 last week. The regulator stated that “the initiatives outlined in this Strategic Plan are intended to address its top priorities over the next four years.”
One of the goals of the Strategic Plan is to “develop and implement a robust regulatory framework that keeps pace with evolving markets, business models, and technologies.”
The securities regulator explained that an initiative aimed at achieving this goal is to “examine strategies to address systemic and infrastructure risks faced by our capital markets and our market participants.” Noting that “the rapid growth in crypto assets” also represents a risk, the watchdog said to be better prepared for the risks in this category:
The SEC must pursue new authorities from Congress where needed, continue to effectively collaborate with other regulators, and engage more proactively on digitization initiatives.
Another initiative outlined in the Strategic Plan is to “recognize significant developments and trends in our evolving capital markets and adjust our activities accordingly.” The securities watchdog emphasized:
The SEC must also continue to enhance its expertise in, and devote increased resources to, product markets beyond equities — including crypto assets, derivatives, and fixed income — and maintain a nimble and flexible approach to address market changes expeditiously.
The SEC also explained that in developing the Strategic Plan, it took into account information from “meetings with the many internal and external parties with which the agency interacts on a regular basis, including members of Congress and congressional committees, investors, businesses, financial market participants, academics, and other experts and stakeholders.”
The chairman of the SEC, Gary Gensler, stressed:
The SEC pursues our three-part mission: to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
What do you think about the SEC’s strategic plan involving crypto assets? Let us know in the comments section below.
Source: Regulation Archives – Bitcoin News
US Senator Focused on Crypto Money Laundering Crackdown — Urges Congress, Regulators to Take Action
U.S. Senator Elizabeth Warren has called on Congress to ensure regulators, such as the Securities and Exchange Commission (SEC), have the tools to regulate the crypto industry effectively and crack down on crypto money laundering activities. “The current legal structure essentially holds up a giant sign over crypto that says, money laundering done here,” the […]
U.S. Senator Elizabeth Warren has called on Congress to ensure regulators, such as the Securities and Exchange Commission (SEC), have the tools to regulate the crypto industry effectively and crack down on crypto money laundering activities. “The current legal structure essentially holds up a giant sign over crypto that says, money laundering done here,” the lawmaker stressed.
Senator Urges Congress to Crack Down on Crypto Money Laundering
U.S. Senator Elizabeth Warren (D-MA) said in an interview with Politico’s Morning Money Wednesday that cracking down on money laundering activities is her “main focus” in terms of crypto-related legislation.
The senator confirmed that she will reintroduce her bill titled “Digital Asset Anti-Money Laundering Act of 2022.” Originally introduced in December last year, this bill is “the most direct attack” on the personal freedom and privacy of crypto users, according to experts in the field.
Warren explained that money laundering is “not nearly as visible to the public” as fraud. “It occurs in the darkest shadows of the crypto world, but its impact on our national security and law enforcement is immense. … The current legal structure essentially holds up a giant sign over crypto that says, money laundering done here,” the senator described, elaborating:
This is not about inventing any new form of anti-money laundering rules. This is about applying exactly the same set of rules that apply across every other financial industry.
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has also said that crypto should be treated the same as other capital markets.
Senator Warren Wants Congress to Empower Regulators to Be Effective ‘Cop on the Beat’
“There are two very different kinds of crypto problems,” Warren continued, noting that “one is consumer fraud.” The senator stressed: “That’s what we’ve seen when FTX and other exchanges collapsed. It’s part of the pump and dump and rug pulls, and all the other ways that customers get cheated.” Emphasizing that both Congress and regulators need to take action, she detailed:
There are a lot of regulatory tools out there already to deal with that. We need regulators to use those tools, and Congress needs to make sure that those regulators have the resources they need to be an effective cop on the beat.
SEC Chair Gensler has often said that the securities regulator “will serve as the cop of the beat” and bring enforcement actions against uncompliant crypto firms. Senator Warren has been pushing for the SEC to impose tougher rules on the crypto sector and use its full authority to regulate crypto trading.
Warren has long been a crypto skeptic. She has warned about “a run on crypto” that may need a federal bailout and has repeatedly raised concerns about the environmental impact of bitcoin mining. She wants Congress and the Treasury to urgently adopt a policy to mitigate crypto risks. Following the collapse of crypto exchange FTX, she also urged Fidelity Investments to stop offering bitcoin as an option in 401(k) retirement accounts.
What do you think about the statements made by Senator Elizabeth Warren? Let us know in the comments section below.
Source: Regulation Archives – Bitcoin News