![]() The prices of those assets can go up and down, and in the crypto world, often do with more volatility than traditional investments. The SEC oversees this regulation, and the Commodity Futures Trading Commission oversees financial tools like futures and options.Ĭrypto exchanges are supposed to work similarly to a stock-trading platform: Customers can buy various crypto tokens with money or other cryptocurrencies. government with laws that are applied to just about every sort of financial instrument, including stocks, bonds, mutual funds and more. government should regulate crypto, if at all. Despite the news of executive departures causing. CZ’s perspective suggests that these departures are part of the normal ebb and flow of talent within the cryptocurrency industry. That has coincided with a discussion of how the U.S. Binance’s CEO, Changpeng Zhao (CZ), has addressed the recent departures and linked them to the SEC lawsuit, describing them as normal turnover within the company. In the last two years, crypto giants like FTX spent millions trying to attract retail investors with Super Bowl commercials and other flashy advertising campaigns. regulatory architecture is not set up to provide guarantees for investments on crypto exchanges, whereas traditional institutions like banks can usually offer some form of insurance in rocky times.Ĭrypto has grown exponentially in recent years, pumped full of investment capital that has rocketed bitcoin and other currencies from a seemingly fringe hobby for “tech bros” into a ubiquitous cultural force. Josephine Wolff, an associate professor of cybersecurity policy at Tufts University who has studied crypto, said the U.S. ![]() regulators would have had was nullified by FTX being headquartered in the Bahamas.įor now, crypto comes with a warning: buyer beware. Lobbyists for the cryptocurrency industry tried to fight off Senate rules, calling the tax crackdown. Singapore is intensifying its scrutiny of cryptocurrency-related firms in the city-state ahead of planned regulatory changes, according to people with knowledge of the matter. The regulation gap for FTX is twofold: Crypto is an almost entirely unregulated industry, and any oversight U.S. The sweeping bill included a provision to tought tax scrutiny of cryptocurrency players. Peirce recently said FTX could be a “catalyst” for the government to clarify crypto regulation and that the SEC would be an effective regulator “if we got our act together,” according to CoinDesk. Earlier this year, Securities and Exchange Commissioner Hester Peirce told CNBC at a blockchain conference that the U.S. regulators have been slow to take action in a space where there are few concrete answers about how much power they have.
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