US lawmaker says SEC crypto regulation 'needed now'

Senator Hickenlooper asked the SEC to engage with the public by opening a "notice and comment period" to develop rules and regulations applicable to cryptography.

John Hickenlooper, a US Senator representing Colorado, wrote a letter to Gary Gensler urging the Chairman of the Securities and Exchange Commission to establish "clear rules" for the crypto market.

In an October 13 letter, Hickenlooper called on the SEC to take action on regulatory issues, including identifying cryptocurrencies that will be considered securities, establishing registration guidelines for trading platforms, trading and "determining what disclosures are necessary for investors to be properly informed". informed.” According to the senator, the lack of a coordinated regulatory framework from the government has led to uneven enforcement, while the SEC is the agency “well placed to offer regulatory guidance.”

"Given the complexity of these issues, and recognizing that some digital assets are securities, others may be commodities, and others may [sic] be subject to a completely different regulatory regime, a process formal regulation is now needed," the Colorado senator said. "This will significantly improve policymaking and allow the SEC to gather opinions and understand concerns."

Hickenlooper has asked the SEC to engage with the public by opening a "notice and comment period" to develop rules and regulations for crypto. He offered to work with the regulator to build such a framework, though his committee assignments for the current congressional meeting have been limited to trade, small business, energy and natural resources, and health, education, work and the pen...