New Steps Are Being Taken for Crypto Regulations in the USA

SEC and CFTC Leaders Moving Together on Crypto

U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins expressed that "the time is right" for 401(k) retirement plans to include cryptocurrencies. However, he emphasized that this should be done carefully and with oversight mechanisms in place to protect retirees.

These statements came during the progress of a cryptocurrency market structure draft developed by the Senate Agriculture Committee. This draft is expected to expand the role of the Commodity Futures Trading Commission (CFTC) and clarify the oversight boundaries between the CFTC and SEC. However, it is noted that there is still a long way to go for the acceptance of this law.

CFTC Chairman Michael Selig predicts that digital assets will "thrive" under the new regulations in the U.S. Selig argues that clear national standards could bring back cryptocurrency firms and position the U.S. as a primary hub for cryptocurrency markets.