The future of the cryptocurrency scene seems less ambiguous with U.S. Sen. Sherrod Brown issuing a stringent call to regulators, advocating for effective use of their current authority over digital assets for promoting transparency and safeguarding investor interests. Ever felt like you’re in the dark? Because according to Sen. Brown, it’s easier to profit from the “left in the dark” consumers. This perhaps throws light on why some entities in the crypto world prefer the “cloaks and daggers” over genuine transparency.
The robust push demands officials from the Treasury Department, Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC), to mend the risks associated with the crypto industry. If the thought of these agencies orchestrating an investigation renders an eerie sensation, then apparently you’re not the only one. The tenacious effort though, is aimed to stymie the alleged opacity, which Sen. Brown identifies as the shelter for industry “bigwigs”.
A little ripple of curiosity aright? The murky line of sight through the legislation regarding crypto doesn’t make it easier too. Despite the House of Representatives clearing significant crypto bills for votes, the Senate’s main output till now includes the chaotic introduction of multiple laws, awaiting committee approval.
As the crypto sector continues to hold its breath, some factions suggest new rules to tackle the intriguing assets. The tenor of Sen. Brown’s call mirrors the same channel of thought. However, without a solid plan from the legislators to handle these rules, the journey might seem like trudging through a quagmire.
What is the solution that Congress has in its ambit? Provide the investors with the information they need, suggests Sen. Brown. No easy feat considering the growing complexities.
While many would argue over the difficulties in bringing the crypto sector under current securities laws, Gary Gensler, SEC Chair, implements what he believes to be best – that existing securities laws apply to the crypto realm. The action leaves many virtual currency operations in a vulnerable position, virtually dodging the SEC’s enforcement team.
So, all eyes are on regulatory bodies as they grapple with conveying transparency in the extensively complex crypto world, while equally dealing with the pressures from various quarters to implement tailored regulations. As crypto enthusiasts, are we ready to embrace the statutory path leading to potential metamorphosis in the crypto world? Or do we fear the unknown? Either way, change seems imminent.
Source: Coindesk
