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US senator urges SEC chief to develop guidelines for crypto market

On October 13, Senator John Hickenlooper of Colorado sent a letter to Gary Gensler, the head of the Securities and Exchange Commission, requesting Gensler to develop “clear guidelines” for the cryptocurrency market.

John Hickenlooper urged the Securities and Exchange Commission (SEC) to act on a number of regulatory issues, including the determination of which cryptocurrencies will be classified as securities, the establishment of registration guidelines for trading platforms, and “determining what disclosures are necessary for investors to be properly informed.” Inconsistent enforcement, as the senator sees it, is the result of the government’s failure to establish a coherent regulatory framework; the SEC, on the other hand, is the agency that is “best positioned to give regulatory direction.”

In addition, the Senator also asked the Securities and Exchange Commission to solicit feedback from the general public by initiating a “notice-and-comment process” in order to formulate crypto-specific rules and regulations. Even though his committee assignments for the current session of Congress were limited to commerce, small business, energy and natural resources, and health, education, labour, and pensions, he offered to work with the regulatory body to build such a framework. He also made this offer despite the fact that he was a member of only those committees.

Hickenlooper served as the Governor of Colorado from 2011 to 2019, during which time he founded the Council for the Advancement of Blockchain Technology. This body was given the responsibility of developing a “complete legislative framework” to promote blockchain technology. After Hickenlooper left office in 2019, Governor Jared Polis decided not to extend the order to continue functioning the council.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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