Former chairman of the US Securities and Exchange Commission Harvey Pitt (Harvey Pitt) said that he expects that after the new chairman is confirmed, the US Securities and Exchange Commission (SEC) will produce a “significant amount” of cryptocurrency regulations.

The former chairman of the US Securities and Exchange Commission expects the new encryption regulations to be “fair”

In an interview with Bloomberg on Friday, Harvey Pitt talked about the future of cryptocurrency regulation under the new chairman Gary Gensler. Pitt is an American attorney who served as the 26th chairman of the US Securities and Exchange Commission (SEC) from 2001 to 2003.

As Coinbase made its debut on the market through a direct listing on Nasdaq, Pitt was asked about his desire to regulate cryptocurrencies and cryptocurrency exchanges. The former chairman of the SEC said:

I hope to see a considerable amount of cryptocurrency regulation. At the moment, I think the rules are unclear.

“It is not clear whether certain products involve securities. The SEC is likely to move forward. Gary Gensler is a cryptocurrency expert. He has taught them. He is a market expert.” Pitt continued. “I hope to see clear rules of the road under his leadership.”

Gensler, a professor of encryption at the Massachusetts Institute of Technology (MIT), was confirmed as the chairman of the SEC last week. He was sworn in as a member of the US Securities and Exchange Commission (SEC) on Saturday.

Pete was also asked whether the SEC should be the regulator of cryptocurrencies or should it be held by the Commodity Futures Trading Commission (CFTC), where Gensler had previously chaired. Pete further believes:

A real question is where the jurisdiction is located, and legislation may need to be clarified. The US Securities and Exchange Commission has taken the position that Bitcoin and Ethereum are not securities. Therefore, the US Securities and Exchange Commission has no regulatory participation.

The former chairman further explained that companies like “Coinbase” “are effectively developing the cryptocurrency market” and must comply with SEC regulations, so the committee will indirectly affect the marketing methods of these cryptocurrencies.

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Recently, SEC Commissioner Hester Peirce also stated that she is “optimistic” that under the leadership of a new chairman who has a deep understanding of the cryptocurrency market, the SEC can “establish a good regulatory framework” for cryptocurrencies. .

Do you think the SEC will implement many new encryption regulations? Let us know in the comments section below.

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