CFTC and SEC Chairs Discuss Cryptocurrency Regulation in ISDA

 CFTC and SEC Chairs Discuss Cryptocurrency Regulation in ISDA Meeting

Wednesday marked the commencement of the ISDA’s annual meeting in Madrid. President of the Securities and Exchange Commission SEC Gary Gensler and Chairman of the Commodity Futures Trading Commission CFTC Rostin Behnam were the keynote speakers at the event with Behnam delivering the morning remarks and Gensler delivering those in the afternoon.To enable direct clearing of skirted goods to retail members, a group seeking an amended registration order as a DCO (derivatives clearing organization) was discussed extensively by Behnam. ALSO READ Is LUNA Foundation Currently Offering Purchased Bitcoin At A Discount? Grayscale Makes New Attempts To Turn Its GBTC Into An ETF Is LUNA Foundation Currently Offering Purchased Bitcoin At A Discount? It is much more important to be clear along with allowing a chance for the public to speak about it, as Behman remarked, focusing the attention of the CFTC roundtable to the topic which is scheduled in the later half of this month. The rest of the registered institutions have indicated an interest in learning about the parallel models, and they are also keeping in mind the possible influence that it will have on futures commission merchants (FCMs) and clearing members. It’s possible that FTX CEO Sam Bankman-Fried heard Behnam speak because he was present at the time and afterwards joined in on a conversation. As a follow-up, Behnam recalled his testimony in February and stated that the CFTC’s legislative authority would continue to support a regulatory agenda for the digital asset market. At the moment, the CFTC only regulates the derivatives market. However, it has used its enforcement power on the cash markets, such as when it fined Coinbase for not reporting self-trading and exchange volume well enough. Gensler preferred to focus on the similarities between derivatives and the crypto in a much shorter speech. It doesn’t matter how decentralized or centralized an organization is, if it provides security-based swaps, the securities laws are involved, and they must function within the securities regime defined for securities. It’s important to know if the core asset is classified as a security, according to Gensler. Since the ISDA is setting legal criteria for crypto derivatives, the derivatives should adhere to securities legislation. CHECK OUT https://twistok.com/read-blog/6742_more-than-25-fully-funded-scholarships-are-available-for-international-students.html  
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