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It’s deliberate that Gary Gensler, the Chair of the US Securities and Trade Fee (SEC), would meet with Lee Bok-hyun, the Chief of South Korea’s Monetary Supervisory Service (FSS). This assembly is anticipated to be of vital significance. As reported by Chosunbiz on December 18, this convention, which is scheduled to happen in January, is a proactive method to inspecting the dynamics of the cryptocurrency market in addition to potential supervisory measures.
The timing of this convention is particularly essential when bearing in mind the present adjustments which are occurring within the regulatory landscapes of each the US of America and South Korea. It has been speculated that the Securities and Trade Fee (SEC) would quickly give its approval to quite a few exchange-traded merchandise together with Bitcoin. In the mean time, it’s anticipated that South Korea will impose new guidelines by July 2024, which might have an enormous affect on cryptocurrency merchants and exchanges. The importance of those high-level conferences is highlighted by the truth that the regulatory panorama is continually altering.
As well as, the scenario with Do Kwon, who was a co-founder of Terraform Labs, causes the regulatory panorama to grow to be much more convoluted. The truth that Kwon is fighting authorized points in quite a few completely different nations, together with the potential for being extradited to the US, provides one other diploma of complication to the discussions that Lee and Gensler are having. The existence of this subject is illustrative of the advanced relationship that exists between worldwide regulation and the decentralized construction of cryptocurrency.
Up to now, the Securities and Trade Fee (SEC) has solely licensed exchange-traded funds (ETFs) which are tied to bitcoin futures. It’s because Gary Gensler has been accountable for the SEC. Determinations on spot cryptocurrency exchange-traded funds (ETFs) are being keenly anticipated by the trade, notably with regard to large cryptocurrencies resembling Bitcoin and Ether. There’s a risk that the approaching dialogue between Lee and Gensler might supply perception on potential future regulatory measures round this area.
Picture supply: Shutterstock
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