SEC Chairman plans to develop uniform regulatory rules for all cryptocurrencies

Amid plans to cooperate between the SEC and CFTC on how the agencies will share control over the cryptocurrency trading market, US Securities and Exchange Commission (SEC) Chairman Gary Gensler has called for a list of rules for all cryptocurrencies to regulate the industry and eliminate regulatory gaps.

Gensler believes that unified rules are necessary to ensure that criminals do not exploit existing gaps in the legislation and do not commit fraud and similar manipulations. These phenomena are quite common today, and this is primarily due to the lack of regulation.

The official said that he is working on a Memorandum of Understanding between the SEC and the CFTC that will eliminate potential regulatory problems. As you know, the SEC considers cryptocurrencies to be securities, while the CFTC considers them to be commodities like gold.