The United States Stock Exchange and Securities Commission is analyzing the custody rules for digital assets, including the way in which stockbrokers, asset administrators and investment advisors can treat cryptocurrency transactions, said their boss on Friday.
The president of the SEC, Paul Atkins, talking about his recently announced Crypto Crypto project in the “Morneings With Maria” program of Fox Business, said that the agency was “mobilizing in the SEC all our different divisions and offices” to implement the recommendations of the cryptographic working group of President Donald Trump to make the United States a more nation more crypto-friedly friendly. This includes adjusting the rules “that have existed for 90 years or so,” he said.
“We do not want encryption assets to be in a flash unit in someone’s drawer,” he said Friday. “They must be in a safe place … the reason to do all this and address these various regulations is to provide some certainty to people.”
The work of the SEC will be based on the legislation approved by Congress, he said, pointing out the genius law already signed and the legislative efforts of existing market structure.
“Our goal is to obtain clarity and certainty,” he said. “It will be underlying for what comes out of Congress, but I think we have the authority to advance in these areas and provide that certainty and clarity for people.”
When asked about a decision of the District Court on the exchange rate of debit cards, Atkins said that he could support the payment networks in real or instantaneous time, and that he would advance to the instant payment agreements “It would be ideal,” he said.
This type of payment could be reinforced by using a block chain, he said, although he also said that the system may need to have some type of delay incorporated to address errors.
“The longer it has to authorize some of the transactions, the more risk there is in the system so that something goes wrong, some black swan event,” he said.
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