Harvey Pitt, former SEC chairman, expects “appropriate” regulation of the cryptocurrency market
Former SEC Chairman Harvey Pitt says he expects “Proper amount” cryptocurrency rules.
Harvey Pitt: He wants “reasonable amounts” of regulation
Harvey Pitt spoke about the future of cryptocurrency regulation under new SEC President Gary Gensler in an interview with Bloomberg. Recall that Pitt is an American lawyer who was the 26th chairman of the US Securities and Exchange Commission (SEC) 2001-2003.
With the Coinbase exchange’s market debut – through the direct listing of its shares on Nasdaq – another breakthrough took place for the cryptocurrency market. So Pitt was asked what he expected now to regulate digital currencies and stock markets.
– I expect to see many cryptocurrency rules. Right now I think the rules are unclear – He said. – It is not clear if anyone offers [emisji] includes securities or not. There is a high probability that the SEC will move forward. Gary Gensler is a cryptocurrency expert. He taught about them. He is an expert in the market Continued Pitt.
In fact, Gensler is a professor of cryptography at the Massachusetts Institute of Technology (MIT), which was approved last week as chairman of the SEC.
Who should regulate cryptocurrencies?
Pitt was also asked if the SEC would even be a cryptocurrency regulator, or if it should be the Futures and Commodities Trading Commission (CFTC), which Gensler previously chaired.
– The real question is where the jurisdictions are and the rules may need to be clarified. The SEC has already taken the position that Bitcoin and Ethereum are not securities and therefore have no legal commitment from the SEC. – he said.
The former chairman of the committee further stated that companies such as Coinbase, “Effectively Creating Cryptocurrency Markets”regulated by the SEC and therefore the authority will indirectly influence how cryptocurrencies are sold to investors.
Recently, SEC Commissioner Hester Peirce also said that she is “Optimist”, for under a new chairman who has a lot of knowledge about cryptocurrency markets, the SEC can “build a good regulatory framework “ for digital assets and currencies.
