The Securities Industry and Financial Markets Association (SIFMA) has called on the U.S. Securities and Exchange Commission (SEC) to establish clear rules for cryptocurrencies. The issues concern the integration of digital assets with traditional finance and the creation of consistent regulations.
Need for Consistent Crypto Rules
SIFMA urged the SEC to develop consistent and progressive rules for cryptocurrencies and to ensure a clear regulatory approach for platforms involved in digital assets. The association proposed incorporating modern technological advancements and ensuring transparency in the regulation of digital securities.
Key Highlights of SIFMA’s Meeting with SEC
During the meeting with SEC officials, SIFMA discussed integrating traditional finance (TradFi) with the crypto industry. The association aims to establish clear and consistent rules that will foster innovation and simplify the processes of issuing, custody, and trading crypto assets.
Promoting the Adoption of Digital Assets
SIFMA, holding nearly 90% of the U.S. financial market share, emphasizes the growing interest of traditional finance players in adopting digital assets into their products and services. SEC Chairman Paul Atkins highlighted the importance of creating clear rules in the crypto industry to protect investors and encourage responsible innovation, stating:
> "To establish clear rules of the road for the issuance, custody, and trading of crypto assets, aiming to protect investors while encouraging responsible innovation."
SIFMA continues to develop and promote the regulatory framework for digital assets in the U.S., which aligns perfectly with current trends in the implementation of new laws in this area. As the regulatory environment remains unclear, SIFMA’s proposals may help clarify the situation.
