SEC chairman Gary Gensler made important statements regarding the long-discussed cryptocurrency regulations. Gensler made important comments at the SEC Speaks panel at the Practical Law Institute.
One of the most important topics in Gensler's speech was about regulations. The head of the SEC stated that they support the regulations until the end, but the new crypto money law should not ignore the power of the SEC. Stating that many players in the cryptocurrency markets are exchanges, brokerage houses, clearing firms and custody companies, Gensler said:
"Whether in the cryptocurrency markets, whether they call it decentralized or centralized, these types of companies can be separated from each other as well as serve the same as the securities markets. All of these brokerages need to register with us, the SEC."
Speaking about Bitcoin and Ethereum on the subject of regulations, Gensler stated that he will support the regulation of these two cryptocurrencies by the Commodity Futures Trading Commission (CFTC). Gensler recently stated that he views Bitcoin as the only non-security cryptocurrency. The head of the SEC did not comment on Ethereum.
Gensler also touched upon the issue of stablecoins, which has been much discussed in the last year in the USA. The SEC chairman stated that investor protection is very important in this area as well, and used the following statements:
"How the stablecoins' balance to the dollar is created matters. Facts and functions decide whether the asset is a security or not, not its label."
Reserve Bank of India prepares for CBDC trials with public banks
Although the Indian government does not impose a legal status on cryptocurrencies, it will collect 30 percent tax from citizens of countries investing in cryptocurrencies. In addition, the Reserve Bank of India (RBI) is in talks with fintech companies and 4 public banks to start trials for the Central Bank Digital Currency (CBDC) project before the end of this year.
One of the central bank's advisory firms, Fidelity National Information Services (FIS), is a CBDC to help nations try out CBDC initiatives alongside centralized infrastructure payment solutions to develop or update real-time payment systems, according to a press release on Aug. Provides Virtual Lab.