PDX Global Asks: Crypto Regulation, Will the SEC Ever Approve?

PDX Global Asks: Crypto Regulation, Will the SEC Ever Approve?

In this article, he shares his opinion on the challenges of cryptocurrency regulation in the US. With Bitcoin at an all-time high and more mainstream investors purchasing cryptocurrencies from Ethereum to Dogecoin, we are living the Wild West days of crypto assets: we can see the promise of significant financial growth and the dangers of unscrupulous operations. This year, while many benefitted from the rise of Bitcoin , Americans lost over $80 million in cryptocurrency scams between October 2020 and April 2021. Clearly, the time has arrived for regulators to create oversight mechanisms for the $2+ trillion market. The problem? The SEC has attempted to seize the reins of crypto regulation for itself and asked Congress to expand its jurisdiction. According to TechCrunch, the SEC has even sued Coinbase and Ripple, two crypto companies that have requested regulation for years. True cryptocurrencies are not securities, they are commodities. Yet the SEC treats them as securities. Using the same logic, the US dollar would be categorised as a security. And like any other asset that replicates fiat money, cryptocurrencies should be regulated by the Office of the Controller of the Currency (OCC) and/or the Commodities Futures Trading Commission (CFTC). Acting CFTC