Compliance Week cited Stacie Hartman and Matt Kulkin, co-chairs of Steptoe's Financial Services practice, in an article titled "Gary Gensler (SEC), Rohit Chopra (CFPB) Play It Safe At Confirmation Hearing." The article, published March 2, discusses the Senate confirmation hearing for Gary Gensler, tapped to lead the Securities and Exchange Commission (SEC). Gensler said the SEC under his guidance will examine whether cryptocurrency needs tighter regulation.
Hartman and Kulkin believe up until now, the SEC has offered little clear guidance on cryptocurrency, other than launching enforcement actions against specific cryptocurrencies. While it is preferable for the SEC to issue a comprehensive regulatory framework for cryptocurrency, doing so will take time, Hartman says. The industry's concern is that, until that happens, they may suffer through regulation by enforcement.
The full article can be read at Compliance Week.