SEC chairman ‘open’ to regulation of cryptocurrency exchanges

Cryptocurrency North America Regulations United States
Maciek Klimowicz
Written by Maciek Klimowicz

According to a transcript of the SEC chairman’s Jay Clayton’s prepared testimony for the upcoming Senate hearing, he is open to the idea of a federal oversight of cryptocurrency exchanges.  The hearing before the US Senate Committee on Banking, Housing, and Urban Affairs will take place on February 6.

Cryptocurrency exchanges in the US are currently regulated at the state level only as they have generally registered as “money-transmission services,” and do not fall under the Securities and Exchange Commission (SEC) and the Commodity and Futures Trading Commission (CFTC) jurisdiction.

According to Clayton’s statement, crypto-exchanges are similar to federally regulated and SEC and CFTC controlled “securities, commodities, and currency exchanges,” hence, he is “open” to the idea of a federal regulation of those exchanges.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

Leave a Comment

Coinlaw Newsletter

Whether you are a law firm, founder gearing-up for a token offering, or a crypto currency trader, subscribe to the biggest crypto legal newsletter to be informed of the latest developments in each and every jurisdiction