It’s deliberate that Gary Gensler, the Chair of the US Securities and Change Fee (SEC), would meet with Lee Bok-hyun, the Chief of South Korea’s Monetary Supervisory Service (FSS). This assembly is anticipated to be of vital significance. As reported by Chosunbiz on December 18, this convention, which is scheduled to happen in January, is a proactive method to inspecting the dynamics of the cryptocurrency market in addition to potential supervisory measures.
The timing of this convention is very vital when bearing in mind the present adjustments which are occurring within the regulatory landscapes of each the US of America and South Korea. It has been speculated that the Securities and Change Fee (SEC) would quickly give its approval to a lot of exchange-traded merchandise together with Bitcoin. In the intervening time, it’s anticipated that South Korea will impose new guidelines by July 2024, which might have a giant affect on cryptocurrency merchants and exchanges. The importance of those high-level conferences is highlighted by the truth that the regulatory panorama is continually altering.
As well as, the scenario with Do Kwon, who was a co-founder of Terraform Labs, causes the regulatory panorama to turn out to be much more convoluted. The truth that Kwon is combating authorized points in a lot of totally different nations, together with the opportunity of being extradited to the US, provides one other diploma of complication to the discussions that Lee and Gensler are having. The existence of this subject is illustrative of the advanced relationship that exists between worldwide regulation and the decentralized construction of cryptocurrency.
Up to now, the Securities and Change Fee (SEC) has solely licensed exchange-traded funds (ETFs) which are tied to bitcoin futures. It’s because Gary Gensler has been in command of the SEC. Determinations on spot cryptocurrency exchange-traded funds (ETFs) are being keenly anticipated by the business, notably with regard to huge cryptocurrencies similar to Bitcoin and Ether. There’s a risk that the approaching dialogue between Lee and Gensler might provide perception on potential future regulatory measures round this area.
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