Bitcoin and Ethereum in the US Senate Bill
Again, there’s not much to be happy about for the SEC. This gives reason for strong optimism about what will happen in the United States, and how events will develop in the most important economy in the world.
“The SEC should be excluded from the Bitcoin and cryptocurrency control system.”
This is a proposal coming from Debbie Stabenow, who is on the agriculture committee, and demands that the SEC be removed from regulating Bitcoin and Ethereum. And that would be great news, no matter what. But let’s put it in order.
Again, zero attention to the requirements of the SEC
Now Ethereum and Bitcoin are in the hands of the CFCT of the Federal Securities and Exchange Agency. This is a government agency that deals mainly with derivatives and futures on the commodity market.
This is a huge blow for the SEC, which, although it has accepted that it will have to settle for the rest of the market outside of Bitcoin, but now sees that another proposal is coming from the Senate, which wants to exclude it from the rest of the market.
Thus, the main part of cryptocurrencies will not be financial securities, which the Commission sought so much.
And this contradicts the discipline that Gary Gensler is trying to impose, having a kind of interest. If such an approach really prevailed, we would see the absolute and complete dominance of the SEC in this sector. Something that will severely limit the future development of the industry.
Will lobbying activities also be punished?
An activity that will bring all the enemies of Bitcoin into the arms of the SEC, knowing in advance that it will be a deadly or near-fatal embrace. One of the potentially involved persons even had to “resign” from the post of head of his company, which would be a double blow.
The fact remains that despite the rush to give the entire industry a unified discipline, we are now entering a phase of legislative competition, when several groups and members of the Senate and Congress will try to put their hat on a law that will regulate Bitcoin and cryptocurrencies in the most financially significant economy on the globe.
In any case, the SEC is excluded
And in this matter, it seems, there is not so much to discuss. In fact, it seems that the SEC could not find support from anyone in its struggle to capture at least a piece of the cryptocurrency market.
This, we repeat once again, should be avoided by everyone who cares about this sector, and who does not want to see its death under a mountain of restrictions, investigations, lawsuits and even the whims of Gensler. This is good, although there may still be surprises.
But, in the meantime, according to the data ofCoinmarketrate.com , the cryptocurrency market has not reacted to this news in any way, and continues its consolidation.