A rapidly pursued temporary crypto regulatory framework could strengthen innovation inside the US crypto industry, while everlasting regulations are still within the works, says Mark Uyeda, chairman of the incumbent US securities and Exchange Commission (SEC).
“A brief, conditional framework for the trigger for registrants and non-registrians could enable a greater innovation with blockchain technology within the USA at short notice,” said Uyeda on the round table of the Crypto Task Force on April 11 with the title “Between a block and a tough place: Adaptation of regulation for crypto trading.”
Relief measures can cope with direct challenges
Uyeda said this may very well be the short-term answer, because the SEC works on a “long-term solution” with the SEC members and the managers of the crypto industry, including the Chelsea-Pizzola from Uniswap Labs, and the Gregory Tusar of Cumberland DRW.
He characterised the regulation of the crypto trade as the priority of state-by-state regulation and warned that this could lead on to a “patchwork of state license regime”.
Uyeda said that a good framework for the federal regulatory framework would make the burden on market participants who would really like to supply tokenized securities and crypto assets without security, in order that they will work under a single second license as an alternative of navigating “fifty different state licenses”.
He asked the crypto market participants to share feedback into areas wherein “except relief” may very well be appropriate.
Source: US Securities and Exchange Commission
Uyeda also confirmed some great benefits of blockchain technology on the financial markets through the Roundtable discussion.
“Blockchain technology offers the potential to perform and make clear securities transactions in a way which may be more efficient and reliable than current processes,” said Uyeda.
Uyeda fill the stool position until Atkins is sworn in
“Blockchains may be used to oversee and mobilize collateral in a tokenized form to be able to increase capital efficiency and liquidity,” he added.
Uyeda will proceed to act as an acting SEC chairman until the candidate of US President Donald Trump, Paul Atkins, is officially sworn in.
On April 10, the US Senate Atkins, as chairman of the SEC, largely confirmed in a 52-44 vote in keeping with party borders.
Uyeda has been working as a former chairman and crypto skeptic Gary Gensler since January 20. He was widespread within the industry as a Pro crypto lawyer.
On March 18, CoinTelegraph reported that Uyea said that the SEC could change or scrap a rule proposed under the bid administration, which might tighten the crypto -right standards for investment advisors.
“I asked the SEC employees to work closely with the Crypto Task Force to take suitable alternatives into consideration, including withdrawal,” said Uyeda.
