Crypto Intermediaries Should Register With US SEC, Agency Chair Says (reuters.com) 12
Companies that help facilitate transactions in the cryptocurrency market should register with the U.S. Securities and Exchange Commission (SEC) just like other market intermediaries, the agency's chair said on Thursday. From a report: Gary Gensler said intermediaries in the crypto market provide a range of functions regulated by the SEC, including operating as an exchange, broker dealer, clearing agent and custodian, and should be registered accordingly. "If you fall into any of these buckets, come in, talk to us, and register," Gensler told an audience of attorneys in Washington, D.C., reiterating that the vast majority of crypto tokens qualify as securities and are captured by relevant laws. "The commingling of the various functions within crypto intermediaries creates inherent conflicts of interest and risks for investors," he added. While Gensler has previously said crypto lenders fall under the SEC's purview, his comments provide more detail on other crypto market actors the SEC believes fall within its jurisdiction.
Should. (Score:2)
Re: (Score:2)
Its not like the SEC can do anything if they don't.
It's not like the SEC is a world power, either. What if the "intermediary" isn't in the USA?
Re: (Score:2)
Right now the SEC *is* a world power because the U.S. is a world power in finance and has worked hard to ensure its financial tentacles run everywhere. It's also the U.S. government's worst case scenario: losing control of the world financial system to a series of overseas "unregulated" crypto exchanges.
Re: (Score:2)
For the moment this is true.
Not registering is a high risk - high reward proposition. Those who comply voluntarily early on will (maybe) be shown a degree of leniency later.
Or the SEC could be trying to peek into some of these operations to get a better view of how they work and how to bend existing regulations.
Crypto user base (Score:2)
Class A: Tax dodgers. Money Launderers
Class B: Gamblers, speculators.
Class C: Greedy uninformed morons.
Re: (Score:2)
Class D: Criminal enterprises
Shocking. (Score:1)
It's a good gesture on its face but...... (Score:2)
Let's take the example of how the IRS treats 1099s.
The law: 1099s should be issued any time a payment is made to a contractor for over $600.
Option 1: Issue 1099s.
If you fuck it up and don't put a proper EIN / valid address / use a proper current form, etc, then the IRS comes after you and makes you pay the taxes calculated at the second highest "fuck me in the ass" rate they have. Then it's up to you to go after the other party and either collect from them, or get one of the limited forms of documentation
The queen mother opened the leathery egg sack... (Score:1)