SIFMA, which stands for Securities Industry and Financial Markets Association, recently met with the Securities and Exchange Commission (SEC) to discuss the need for clear and progressive rules in the crypto space. The trade group emphasized the importance of aligning crypto regulations with traditional finance and called for consistent, tech-forward guidelines to govern digital assets.
During the meeting, SIFMA highlighted the importance of focusing on custody, trading, and tokenization in the crypto market. The association urged the SEC to establish unified oversight for digital asset issuance and infrastructure to promote innovation and facilitate the integration of traditional finance into the crypto market.
Key highlights of the meeting included the initiative to integrate traditional finance with major crypto assets like Bitcoin and Ethereum, promoting regulatory clarity to foster innovation, and establishing a unified regulatory approach for the issuance, custody, and trading of crypto assets. SIFMA also stressed the importance of ensuring the proper functioning of exchanges and broker-dealers, promoting competition among service providers, and ensuring transparency in the digital commodities and tokenized securities market.
As the holder of nearly 90% of the US financial market share, SIFMA noted the increasing demand from traditional financial players to adopt digital assets. SEC Chairman Paul Atkins emphasized the need for clear rules in the crypto space to protect investors while encouraging responsible innovation.
In conclusion, SIFMA’s efforts to develop and encourage a regulatory framework for digital assets in the US come at a crucial time when the nation is embracing digital assets. The association’s proposal for clear and progressive rules in the crypto market aims to provide legal clarity and support responsible innovation in the industry.