Valerie Szczepanik, deputy director of corporation finance at the U.S.A. Securities and Exchange Commission that it is confident that the crypto market will soon overcome the “crypto winter” and the crypto markets will soon flourish again.
The kind of treatment crypto should have
Ms. Szczepanik commented that over time, the SEC is becoming more and more aware of what kind of cryptocurrencies and what kind of treatment they should provide for all the different types of cryptocurrencies. This clarity in the criteria of the regulatory authorities will directly lead to a strengthening of the crypto markets by increasing the security and the trust of the users:
If we hope to smell the crypto-spring, it will be necessary for people to talk to the authorities. But I believe that crypto-spring will come.
In 2018, Valerie Szczepanik was assigned the position of Deputy Director, enabling the SEC to gain greater control over the crypto market and Initial Coin Offerings (ICOs).
What is SEC up to?
The SEC is currently preparing to launch a nationwide tour that will allow its FinHub department to meet with crypto start-ups and fintech companies to meet the regulatory requirements and implementation and usage restrictions from the Commission’s point of view to discuss cryptocurrencies. The meetings will be organized by Szczepanik who will discuss regulation at the next meetings directly with the crypto startups.
The purpose of these personal meetings – called “Local P2P” on the FinHub website – is to help crypto start-ups “give the regulator a human face” she adds: “We really want to work with people who are trying to be innovative in this area and they should know that it is usually a positive experience. I hope that this will continue at the local level, as not everyone has D.C. or New York can travel”.
FinHub, the answer
Senior US regulators have consistently insisted that regulators need to better understand cryptocurrencies and blockchain in order to create a favorable environment that fosters innovation and does not slow down its growth. FinHub is SEC’s answer to this question.
Why is SEC important in the US?
From the point of view of cryptocurrency owners and investors, the SEC plays a particularly important role, as it is responsible in the US for determining whether a particular token or an ICO is a security or not. This has become particularly important in known cases such as Ethereum and XRP. In addition, the SEC is also responsible for determining whether there are appropriate conditions for the approval of a Bitcoin ETFs Bitcoin ETFs.
Also published on Medium.