Hester Peirce Blasts SEC, Gurbir Grewal Rejects SEC Criticism: Law Repealed
U.S. Securities and Exchange Commission (SEC) Commissioner Hester Pearce has taken another swipe at her agency, criticizing the regulator's guidance by calling for more interaction with the public.
Speaking at the SEC Speaks annual conference, Pearce said a “particularly dangerous weed” had grown in the SEC's “secret garden” of policy guidelines.
Her comments are in response to Staff Bill 121 (SAB 121), which prohibits banks from holding crypto assets on behalf of clients.
Meanwhile, Gurbir Grewal, director of the SEC's enforcement division, pushed back against criticism that the regulator is making up rules on crypto as it goes along.
At the same SEC Speaks event, companies in the crypto industry have made “many creative attempts” to avoid the commission's jurisdiction by continuing to operate in the United States, Grewal said.
Grewal reiterated that the SEC's criteria for determining safety in the Hawaii test were “clearly and consistently applied.”
The SEC did not specifically address reports that it is investigating the classification of Ether (ETH) as a security instead of a commodity under the supervision of the US Commodity Futures Trading Commission.
The SEC is currently soliciting comments from the public on proposed rule changes that would allow three spot ether exchange-traded funds (ETFs) to register and trade shares.
After publication in the Federal Register, the public has 21 days to identify ETH ETF applications from asset managers Bitwise, Fidelity and Grayscale.
Bitwise and Grayscale have proposed listing their ETH ETFs on the NYSE Arca, and Fidelity will launch an ETF on the Cboe BZX exchange. The latest proposals come ahead of the commission's final decision on the investment vehicle, which is expected in May.
The European Union may ban decentralized protocols
According to the Crypto-Assets Regulation (MiCA) Markets – the regulatory framework that regulates digital assets in the European Union – the European Commission must prepare a report by December 30, evaluating the decentralized financial market and the applicability of specific rules for the sector. .
The report explores how decentralized systems should be reformed, particularly those without a transparent provider or service provider.
“A significant aspect of this review is the examination of crypto-asset lending and lending, a key activity in the DeFi space,” said CoinChange Financial CEO Maxime Galash.
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Argentina forces crypto companies to register
Argentina's Comision Nacional de Valores (CNV) – the country's equivalent of a securities regulator – says virtual asset service providers will act on recommendations from the Financial Action Task Force.
Some companies that offer crypto-related services must register with the Argentine government as part of reforms to the country's anti-money laundering and terrorist financing laws.
CNV president Roberto Silva said unregistered virtual property service providers “cannot operate in the country”.
Many users on Strike, which is popular in Argentina for facilitating Bitcoin (BTC) payments through the Lightning network, have reported that the app no longer allows locals to send fiat to bank accounts.
It is unclear how the requirements will affect businesses operating in Argentina or customers seeking to use their services. In the year In December 2023, Argentina's foreign minister said contracts could be settled in Bitcoin and other cryptocurrencies.
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Singapore changes token protection and rules
The Monetary Authority of Singapore (MAS) has announced that it will implement amendments to the country's Payment Services Act (PS Act) to expand the scope of regulated services related to digital payment token (DPT) service providers.
Singapore's central bank said it would bring a number of activities within the scope of the PS Act. This includes providing security services to DPTs, facilitating token transfers and exchanges, and facilitating cross-border money transfers.
The regulator also explained that the law covers cases where the service provider does not hold the money or the money is not received or received in Singapore. MAS also said the new amendments would allow DPT service providers to include additional requirements.
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