SEC and FSS to Discuss Cryptocurrency Regulations in January

Lee Bok-hyun, the top of South Korea’s Financial Supervisory Service (FSS), is ready to meet with Gary Gensler, chair of the United States Securities and Exchange Commission (SEC), this January. This assembly, as reported by Chosunbiz on December 18, marks a proactive step in discussing the present state of the cryptocurrency market and the potential course for supervisory insurance policies in this quickly evolving sector.

A Critical Time for Crypto Regulation

The timing of this assembly is essential, given the continued developments in each international locations’ regulatory landscapes. Speculations are rife that the SEC would possibly quickly greenlight a number of spot Bitcoin exchange-traded merchandise. In South Korea, July 2024 is anticipated to witness the implementation of recent insurance policies regarding crypto traders and the dealing with of their funds by exchanges. This interval of regulatory evolution underscores the necessity for such high-level discussions.

Further complicating the regulatory scene is the case of Do Kwon, co-founder of Terraform Labs. With Kwon dealing with authorized challenges in a number of international locations, together with a possible extradition to the United States, the dialogue between Lee and Gensler features extra complexity. It displays the intricate net of worldwide regulation and its intersection with the decentralized nature of cryptocurrencies.

Evolving SEC Stance underneath Gensler

Under Gary Gensler’s management, the SEC has cautiously approached the crypto market. The business has awaited selections on spot crypto exchange-traded funds (ETFs), particularly for main cryptocurrencies like Bitcoin and Ether. However, the SEC has solely authorized ETFs tied to crypto futures. The assembly between Lee and Gensler may illuminate future regulatory approaches in this space.

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Kelvin is a distinguished author specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive evaluation and insightful content material, he has an adept command of English and excels at thorough analysis and well timed supply.

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