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- Regulators who don’t have any clarity in their policies
- The Crypto community has long been demanding some degree of transparency from the regulators
- The Crypt Community has consistently tried to remove any apprehensions and helping the court
The animosity between the crypto trade and the regulators in the U.S. is long and bitter. However, what is irking the cryptocurrency is the ambiguous attitude of the regulators, who don’t have any clarity in their policies.
The divide between the crypto sector and the regulators remains glaring as ever.
Crypto traders say that they don’t find any clarity in the policies of the SEC who considers the crypto-assets as securities they are not. The crypto community has long been demanding some degree of transparency from the regulators.
The SEC has been traditionally very lazy in dealing with issues related to the crypto sector. It has once again brought the need for experts to work hand in hand with the policymakers.
Lack of clarity is apparent right now
Perianne Boring, Founder, and President of the Chamber of Digital Commerce, in an interview with a prominent magazine, highlighted the issues. She said that despite numerous instances where SEC could have removed the doubts of uncertainty, SEC has preferred to remain ambiguous and failed to offer clarity.
It is, although Chair Gary Gensler is recently claiming that regulators’ stance has been “quite clear.” This lack of transparency is apparent right now. The official points out that there have been several instances where several companies are going into sub-litigation and have been in litigation with the SEC. The Chair has consistently tried to remove any apprehensions and help the court.
U.S. Congress forced to intervene
The absence of guidelines has forced the U.S. Congress to intervene. Congress is also trying to address the problem by passing a new law that would offer much-needed clarity to the crypto-industry. It may seem like a simple exercise, but it is not as simple as it looks.
There are several bills in the pipeline Token Taxonomy Act, Securities Clarity Act, etc. However, taking a cue from the history, which reveals that only 2% of all the bills become a law, there is a lot of distance to be covered before we see this happening. The Ripple v. SEC lawsuit may offer the best opportunity for insights into regulators’ definitions of securities and tokens in the short term.
The proposed Security Clarity Act could be the “silver bullet.”
Boring believes that Congressman Tom Emmer’s proposed Security Clarity Act could be the “silver bullet.” It is the most precise definition of when a token is a security and when it is not.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
