Weekly SmartPills #26
THE DEBATE AT THE USA CONGRESS: GENSLER, BTC, ETF AND... POKÉMON?
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gansler, is at the center of attention in the cryptocurrency world after his recent speech in Congress. Gansler expressed concerns about Bitcoin's regulatory future, sparking a heated debate.His hard-line stance is based on the idea that the cryptocurrency industry has not properly managed customer funds, creating confusion and negative results.
One of the main consequences of Gansler's concerns is the debate over the approval of an Exchange Traded Fund (ETF) linked to Bitcoin. The SEC was forced by a federal court to reconsider its earlier decision to reject an application for an ETF on BTC. The ruling criticized the SEC's approach as “arbitrary and capricious.” However, the timing for a new decision remains uncertain.
The U.S. Congress is intensifying its criticism of the SEC's work. Congressman Patrick McHenry, chairman of the House Financial Services Committee, has expressed concerns about the agency's “crusade” against the digital asset ecosystem. McHenry believes the SEC is sowing confusion in the industry, especially in relation to regulation that leaves many questions unanswered about the classification of certain assets.
Bitcoin and the classification as "security"
Gansler reiterated that Bitcoin should not be considered a "security" (a financial security subject to specific laws), but this position seems at odds with the approval of an ETF on BTC.
The debate over cryptocurrency regulation reached a singular point when Representative Ritchie Torres used an unusual example: a Pokémon card. He asked whether this card should be considered a “security” or not, putting Gansler in a similar dilemma for “tokenized” or NFT (NonFungible Token) Pokémon cards. Gansler admitted that he needs more information, highlighting the complexity of regulatory issues in the cryptocurrency world.
The ongoing debate between the SEC, Congress, and other stakeholders continues to shape the regulatory future of cryptocurrencies in the United States, with significant implications for the global cryptocurrency industry. Stay tuned for further developments on this story with unexpected implications.
In conclusion, the ongoing debate between the SEC, Congress, and other stakeholders continues to shape the regulatory future of cryptocurrencies in the United States, with significant implications for the global cryptocurrency industry. The challenge of classifying and regulating these rapidly evolving digital assets is clearly complex, as demonstrated by the Pokémon paper debate. While the cryptocurrency world awaits clear guidelines, it remains critical to strike a balance between innovation and investor protection.
Stay tuned for further developments on this story of unexpected twists and turns, which will continue to shape the cryptocurrency landscape for years to come.