SIFMA (Securities Industry and Financial Markets Association), a US trade association for securities firms, banks, and asset management companies, called on the Securities and Exchange Commission (SEC) to establish clear rules for crypto. On Thursday, the platform met with SEC officials to discuss digital asset issuance, commodities, and tokenized securities.
According to the memo, SIFMA urged the SEC to establish consistent and progressive rules for crypto and a clear regulatory approach for platforms involved in digital assets. SIFMA also encouraged the SEC to establish innovative approaches that match the current technological advancements.
It also suggested that the SEC take a ‘holistic approach’ to incorporate— technological updates, classification of securities and digital commodities, open development of digital securities with transparency, and provision of cross-border applicability in the crypto landscape.
SIFMA, holder of nearly 90% of the US financial market share, noted the growing demand of TradFi players to adopt digital assets into their products and services. So, it proceeded to establish legal clarity on the regulatory approach for cryptocurrency. SEC Chairman Paul Atkins emphasized the necessity of establishing clear rules in crypto, he said–
“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 encourage the regulatory framework for digital assets in the US. This move comes at a time when the nation is already at its peak of embracing digital assets by implementing a series of new laws. Despite the regulations, the approach lacks legal clarity, which will probably be resolved with with SIFMA proposal.
SIFMA (Securities Industry and Financial Markets Association) is a major US trade association representing securities firms, banks, and asset management companies, holding nearly 90% of the US financial market share. It’s urging the SEC to create clear crypto rules to integrate traditional finance (TradFi) with crypto, foster innovation, protect investors, and meet growing institutional demand for digital assets.
SIFMA met with SEC officials to discuss crucial aspects of digital asset regulation, including consistent and progressive crypto rules, digital asset issuance, commodities classification, and tokenized securities. They also highlighted the need for a unified regulatory approach for custody, trading, and promoting competition among service providers.
Russia’s state-owned technology giant Rostec is stepping into the digital finance space with big plans.…
The price of PI Network has shown remarkable resilience, hovering around the $0.477 mark in…
Binance has just rolled out a new loan service aimed at helping institutional clients access…
Nano Labs, a leading Web 3.0 infrastructure provider in China, recently made a bold move…
Story Highlights The live price of the Polygon coin is . The MATIC price could…
Ripple vs. SEC case saw renewed speculations after the SEC’s closed-door meeting yesterday. Posts on…