Former SEC chairman expects fair amount of regulation on crypto

US Crypto Regulations

They’re coming! Former SEC chairman Harvey Pitt expects a fair amount of crypto regulation coming from the US Securities and Exchange Commission (SEC) following the confirmation of the new chairman.

Even someone with over a decade of familiarity with the technology.

Pitt is the American lawyer who served as the 26th chairman of the SEC from 2001 to 2003.

And with the market debut of Coinbase via a direct listing on Nasdaq, he was asked by Bloomberg what he expects will happen with the regulation of cryptocurrencies and crypto exchanges in the near and immediate future now that these technologies are going mainstream.

His answer:

“I expect to see a fair amount of regulation of cryptocurrencies. Right now, I think the rules are unclear.”

Darn right, they are!

Pitt continued how the status of whether certain offerings involve securities or not is unclear, and there is a definite likelihood that the SEC will move forward on this. He expects to see clear rules of the road evolve under his leadership.

Gary Gensler, he says, is an expert on cryptocurrencies who is not only a market expert, but has taught about them as a crypto professor at the Massachusetts Institute of Technology (MIT).

He was sworn into office on Saturday.

And on the topic of whether SEC should regulate cryptocurrencies, or whether it should be the Commodity Futures Trading Commission (CFTC), where Gensler was a former chairman, Pitt opined that there is a real question about where jurisdictions lie. There may be a need for clarifying legislations.

Recently, SEC Commissioner Hester Pierce also expressed optimism that under a new chairman who has deep knowledge of the crypto markets, the SEC can build a good regulatory framework for cryptocurrencies.

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