SEC decided to not regulate bitcoin and other cryptocurrencies in 2021
The US Securities and Exchange Commission (SEC), the regulatory body responsible for the policies applicable to the trade of these products, published its regulatory agenda contemplated for this 2021, in which it leaves out Bitcoin and the main cryptocurrencies.
This can be seen in the agenda published on the SEC website, where the agency contemplates a total of 49 issues to address throughout this year, among which are issues such as “Reforms to money market funds”, “Registration and regulation of securities-based swap execution facilities”,“Securities lending”,“Short sale disclosure reforms” and others.
Although the document details the actions that the administrative agency plans to promote, both in the short and long term within 2021, critics and analysts of the digital currency ecosystem highlight that the SEC has left Bitcoin and cryptocurrencies aside, especially because of the emphasis placed on this issue in recent months.
The measure also generated confusion among enthusiasts of the crypto sector, precisely in view of the existing expectations regarding the remarks made by the president of the SEC, Gary Gensler, who repeatedly expressed the need to establish regulations on digital currencies, precisely because of the lack of guarantees for users amid the high levels of capital that move in this market.
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Assuming himself as the new president of the regulator, Gensler indicated that one of his missions was “to bring similar protections to the exchanges on the platforms where cryptographic assets are exchanged, as is to be expected on the New York Stock Exchange or NASDAQ.” This raised a lot of expectations, since the manager is known to be a person with a liking to digital currencies, which would provide a much more open approach to the approach expected from the SEC towards these assets.
Another aspect that Gensler highlighted as worrying was the unregistered securities that are traded under the figure of cryptocurrencies. Currently, the SEC maintains a dispute in court against Ripple for this same reason, a case that many describe as important for the future of the digital currency ecosystem.
Currently there are several reputable fund management companies, which have submitted applications for the creation of trusts (ETFs) based on Bitcoin. The responsibility to approve or reject the creation of these financial products rests precisely with the SEC, which to date has not given the green light to any of the applicants.