The Securities and Exchange Commission (SEC) is not set up to handle the digital assets world said Rep. Patrick McHenry (R, NC) at a Punchbowl News event in DC today.
“I fundamentally think that the Securities Exchange Commission and the CFTC lack that capacity to well-regulate this new innovation,” McHenry told interviewer Anna Palmer. “I think you have to have a separate regulatory sphere for digital assets… that is neither the SEC nor the CFTC.”
Welcome to the Digital Assets Trading Commission (DATC)? Digital Assets Exchange Commission (DAEC)?
As it relates to stablecoins, specifically, and regulatory infrastructure, McHenry said that existing regulators could handle it. Moreover, he seemed mildly optimistic about recent stablecoin proposals by the Biden administration as it related to his party’s emerging proposals (such as here and here).
Continue reading “McHenry Proposes New Regulator for Digital Assets -not SEC or CFTC”