US Regulator Calls SEC and CFTC Unite Against Cryptocurrencies!

in the USA cryptocurrency As the work on the regulations of the Financial Services Committee continues, the representatives of the Financial Services Committee, Maxine Waters and Stephen Lynch, United States Government Accountability Office (GAO) A cryptocurrency report was prepared by

According to the news of Coindesk, in the report, which stated that there is an important legal gap for cryptocurrencies, it was stated that all regulators should work together to solve this situation.

“As a result of the investigations, it was seen that there is an important legal gap in the crypto money industry.

At this point, no federal financial regulator has comprehensive authority to regulate the spot market for non-security cryptocurrencies.

A formal coordination mechanism should be established to address risks associated with cryptocurrencies and blockchain technology. This can help federal financial regulators collectively identify risks and develop timely and appropriate responses.”

In the report, which also discussed DeFi, “The absence of intermediaries in DeFi raises regulatory concerns over consumer protection. As services here become more interconnected and decentralized, the risks, including financial shocks and illicit finance, increase.” it was said.

Leading US financial regulators “The Consumer Financial Protection Bureau (CFPB), the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve System, the National Credit Union Administration (NCUA), the Office of the Currency Supervisory (OCC), and the Securities and Exchange Commission (SEC)” It was proposed to jointly establish an existing formal coordination mechanism and act together.

*Not investment advice.