It’s deliberate that Gary Gensler, the Chair of the USA Securities and Change Fee (SEC), would meet with Lee Bok-hyun, the Chief of South Korea’s Monetary Supervisory Service (FSS). This assembly is predicted to be of essential significance. As reported by Chosunbiz on December 18, this convention, which is scheduled to happen in January, is a proactive strategy to inspecting the dynamics of the cryptocurrency market in addition to potential supervisory measures.
The timing of this convention is particularly necessary when bearing in mind the present modifications which can be occurring within the regulatory landscapes of each the USA of America and South Korea. It has been speculated that the Securities and Change Fee (SEC) would quickly give its approval to plenty of exchange-traded merchandise together with Bitcoin. In the intervening time, it’s anticipated that South Korea will impose new guidelines by July 2024, which might have a giant affect on cryptocurrency merchants and exchanges. The importance of those high-level conferences is highlighted by the truth that the regulatory panorama is consistently altering.
As well as, the state of affairs with Do Kwon, who was a co-founder of Terraform Labs, causes the regulatory panorama to turn out to be much more convoluted. The truth that Kwon is scuffling with authorized points in plenty of totally different nations, together with the potential for being extradited to the USA, provides one other diploma of complication to the discussions that Lee and Gensler are having. The existence of this concern is illustrative of the complicated relationship that exists between worldwide regulation and the decentralized construction of cryptocurrency.
So far, the Securities and Change Fee (SEC) has solely licensed exchange-traded funds (ETFs) which can be tied to bitcoin futures. It is because Gary Gensler has been in command of the SEC. Determinations on spot cryptocurrency exchange-traded funds (ETFs) are being keenly anticipated by the business, significantly with regard to massive cryptocurrencies corresponding to Bitcoin and Ether. There’s a risk that the upcoming dialogue between Lee and Gensler might supply perception on potential future regulatory measures round this area.
Picture supply: Shutterstock
