SEC Chairman signals stablecoins and other tokens could fall under its rules on security-based swaps …

sec chairman signals stablecoins and other tokens could fall under its rules on security based swaps and says more regulation is coming

Sumary of SEC Chairman signals stablecoins and other tokens could fall under its rules on security-based swaps and says more regulation is coming:

  • SEC Chair Gary Gensler spoke at the American Bar Association Derivatives and Futures Law Committee Virtual Mid-Year Program.
  • Gensler told the American Bar Association Derivatives and Futures Law Committee’s virtual mid-year program on Wednesday that stablecoin issuers would need to register with the regulator and ensure certain levels of transparency in how they transact.
  • TOP VIDEOS FOR YOU “Make no mistake: It doesn’t matter whether it’s a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities,” Gensler said.
  • Stablecoins, which are crypto coins pegged to an asset such as the dollar, such as Tether, have come under greater scrutiny from regulators given their potential for destabilizing payments systems.
  • On top of that, the Genlser said the SEC will require companies to have a host of new counterparty requirements for capital and margin, including internal risk management systems, supervision and chief compliance officers, trade acknowledgement and confirmation, record-keeping and reporting procedures.

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