The US Securities and Exchange Commission or the SEC may soon issue new rules to regulate and register securities-based swaps, including cryptocurrencies.
In a speech to Gary Gensler, Chairman of the American Bar Association Derivatives and Futures Law Committee SEC Layout Securities-based swaps will change next year. These changes are aimed at increasing transparency and reducing market risk. The new requirements that will take effect in November include new counterparty protection, capital and margin requirements, internal risk management, supervision and chief compliance officer, transaction confirmation and confirmation, and recording and reporting procedures. For example, starting in February next year, the swap data repository will be expected to disclose data about personal transactions to the public.
“Therefore, I have asked employees to consider how to continue to increase transparency and reduce risk through our unused permissions, especially in terms of security-based SEF and job reporting.”
At the end of the speech, Gensler stated that if the cryptocurrency product is a securities-based swap product, the transaction reporting rules will apply to:
“There is no doubt: it does not matter whether it is a stock token, a stable value token backed by a security, or any other virtual product that provides comprehensive exposure to the underlying security. These platforms-whether decentralized or The centralised financial sector-all affected by the securities law, must operate within our securities system.”
Any offer or sale to retail participants must be registered under the Securities Act of 1933. Gensler stated that the SEC will use all the tools they have to ensure investors are protected in these situations.
In recent months, cryptocurrency regulations have been a major topic of many government agencies in the United States.Federal Reserve Chairman Take a hard line Regarding the need for stricter supervision of stablecoins on July 14, discussions on the possibility of a U.S. dollar digital dollar continued in Congress last week.There is also a bill Introduction Entering Congress aims to provide a greater legal definition of digital assets and reduce concerns about the future regulation of blockchain-based tokens.Monday meeting The President’s Financial Markets Working Group on stablecoin regulation shared that they hope to issue recommendations on such regulation in the coming months.