urgency of clear regulation
The urgency of creating clear rules for dealing with cryptocurrencies was highlighted at a hearing in the US House of Representatives. Many industry representatives, such as Jonathan Jachym of Kraken, are calling for greater authority for the CFTC to effectively regulate the spot market for digital commodities, stressing that this is necessary to ensure more comprehensive control over central intermediaries and secondary market transactions.
Ji Hun Kim, president of the japan phone number list Crypto Council for Innovation, has also criticized the Securities and Exchange Commission (SEC), specifically the actions led by Gary Gensler, for being characterized by numerous enforcement mandates, but lacking clear and understandable guidelines that could help the industry navigate a complex regulatory environment. Another point Massad raises is the insufficient consideration of the insolvency scenarios of stablecoin issuers.
Conclusion and Outlook
The discussion about appropriate regulation of stablecoins has the potential to have far-reaching consequences for the entire crypto market. The STABLE Act initiative is in focus, but criticism of its feasibility and effectiveness shows that the regulation of digital assets remains a complex challenge. This debate is expected to become more intense in the coming months, which could significantly affect the foundations of the digital financial market.