SEC Chairman to Toughen Crypto Legislation
February 7, 2018
The US Secretary of the Treasury Steven Mnuchin has initiated coordinating activities of two federal departments on cryptocurrency matters, as Chairmen of Commodity Futures Trading Commission and Securities and Exchange Commission have stated.
At yesterday’s Senate hearings CFTC head Christopher Giancarlo claimed, Mnuchin has already set up a working group that includes members of the both Commissions along with Federal Reserve System representatives.
“We've had a number of preliminary conversations and workstreams developed. We are going to be coordinating our various responses. It's begun with just some broad conversations just establishing our different jurisdictions so we're all clear as to what we're doing, and what we're not doing, where the gaps are”, Giancarlo declared.
Giancarlo also noted, he had already held solo meetings with Mnuchin on the topic of cryptocurrencies. It is to be remembered, it was in December when CFTC Chairman warned the investors against cryptocurrency- and ICO-related risks.
As for SEC Chairman, Jay Clayton wants the US cryptocurrency legislation to be tightened at the federal level. Clayton admitted to feel disappointed by many American investors considering crypto platforms as secure as stock markets.
“I'm very unhappy that people are conducting ICOs like public offerings of stock when they should know that they should be following the private placement rules unless they're registering with us”, he claimed.
Back in last November Clayton used to say, ICO tokens are subject to manipulation so the Commission will assist investors by providing information on token placement standards.