Will The Crypto Market Be Regulated By The SEC?

  A senior SEC (Securities and Exchange Commission) official said that a clear cryptocurrency regulation is urgently needed at a time when major companies such as Tesla Inc, BNY Mellon Corp and Mastercard Inc are embracing the alternative asset class. Will the crypto market be regulated by the SEC?   In an interview with Reuters, SEC's Republican official Hester Peirce emphasized that it is still too early to introduce cautionary policies due to the Reddit-driven rise in GameStop Corp and other stocks, but it is a wonderful phenomenon that the new generation of investors have managed to enter the market. Pierce, was named "Crypto Mom" for her supportive stance on the crypto market, has long advocated for regulators to establish clear rules that will allow crypto assets to thrive without fear of breaking the law. Bitcoin hit record highs this month after electric car maker Tesla invested $ 1.5 billion in Bitcoin, announced that Mastercard will open its network to some cryptocurrencies, and BNY Mellon said it will help its customers hold, transfer and export digital assets.

Peirce said, "It increases the urgency for us to take measures to get more clarity in this area."

The market was in crisis when Reddit users, who had traded on low-cost retail platforms last month, teamed up to raise the prices of GameStop and other stocks and squeezed the hedge funds to bet against those stocks. The incident also sparked outrage among politicians. Vlad Tenev, CEO of commercial practice Robinhood, Ken Griffin, CEO of Citadel LLC, and others participating in the saga will testify before Congress on Thursday. Peirce said the SEC has covered all of the topics including market volatility, the role of retail brokers, and how the post-trade market functions. Pierce said, “It is good to see new investors entering the markets, and of course we also want them to be educated and skeptical,” adding that a large number of market participants can really help improve price formation. Will The Crypto Market Be Regulated By The SEC? Source: https://www.reuters.com/ You may also be interested in:

The Reasons Why Companies Rush On Bitcoin -2