A better approach would be to create a blanket legal regime for trading in any instruments that don’t fall into existing categories, as well as Bitcoin and Ether (spot trading in which remains largely unregulated). Congress could task the SEC and the CFTC with jointly creating requirements for issuers and intermediaries, including disclosure, governance, safety, soundness and protection of customer assets. Alternatively, the agencies could delegate some or all of that responsibility to an industry-funded entity that they closely oversaw, on the model of the Financial Industry Regulatory Authority.
‘Enforcement 40’ for 2020
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