Richard Johnson Calls for merger of the CFTC and SEC
Richard Johnson advocates for a merger of the CFTC and SEC when it comes to crafting new rules for financial trading assets, criticizing the FIT21 bill for creating a regulatory divide. He argues that the SEC’s jurisdiction is limited and cannot extend across the entire crypto industry that is globally active .
According to Johnson, the crypto market will continue to evolve and trade with or without SEC oversight. He emphasizes that no market can be entirely centralized or decentralized, and while the SEC can set rules within the U.S., those regulations may have limited influence on the global market in the long run.
Dave Lauer: Explains what was wrong with FTX and Alameda
Dave Lauer, co-founder of Urvin Finance, explained the risk inherent in the crypto industry. He said that while some conflicts of interest can be managed through disclosures, there are others that go beyond reach. The complexities of vertical integration in the crypto industry are one of them.
A prime example of this problem is the FTX and Alameda case, where the combination of custody and trading raised conflicts and risk management. Customer funds were inappropriately used, and the result is catastrophic, as we know.
Jon Herrick speaks on impacts of ETF approvals
Jon Herrick, Chief Product Officer, New York Stock Exchange, said that the the approval of ETFs has significantly widened investor access to digital assets through familiar, regulated channels.
Herrick highlighted the efficiency ETFs bring to accessing digital assets and touched upon the implications and potential uses from a collateral perspective within traditional finance.
Tyler Gellasch push for transparency in crypto broker registrations
Tyler Gellasch, President and CEO, of Healthy Markets Association highlighted the importance of entities acting as crypto brokers registering with regulators, potentially referencing existing frameworks like Rule 15c for broker-dealers to ensure proper oversight.
Gellasch emphasized the need for more transparency in the crypto market, and also stressed that brokers must know who they are transacting with, instead of encrypted data, so that they can understand the person better and tape the process.
Hester Peirce: ” I Found the first round table useful “
Hester Pierce started her round table speech with welcoming everyone and thanked them for agreeing to share their time today.
” I found the first round table useful in shaping my thought on when crypto assets implicate the securities law”
Pierce is confident on this discussion to be as fruitful and engaging as the first one. She made on note on the todays panelists representing a variety of institutions including national securities exchanges, alternative trading systems and crypto native firms.
Meet today’s panel for the second SEC crypto round table
For its 1st crypto roundtable SEC has brought in top crypto and finance leaders to create fair trading rules that support digital assets. Lets meet the panel.
Moderator:
- Nicholas Losurdo, Partner, Goodwin Procter LLP
Panelists:
- Gregory Tusar, VP, Institutional Product, Coinbase
- Tyler Gellasch, President and CEO, Healthy Markets Association
- Jon Herrick, Chief Product Officer, New York Stock Exchange
- Richard Johnson, CEO & Founder, Texture Capital
- Dave Lauer, Co-Founder, Urvin Finance and We the Investors
- Katherine Minarik, Chief Legal Officer, Uniswap Labs
- Christine Parlour, Chair of Finance and Accounting, UC Berkeley
- Chelsea Pizzola, Associate General Counsel, Cumberland DRW
- Austin Reid, Global Head of Revenue and Business, FalconX
2nd SEC Roundtable of Crypto Task Force: Acting Chairman Mark Uyeda to set the stage
The stage is set for the secomnd Securities and Exchange Commission (SEC) roundtable of the Crypto Task Force, an event that has potential to set course future path of crypto adoption in the U.S.
SEC Acting Chairman Mark Uyeda and Commissioners Hester Peirce and Caroline Crenshaw will kick off the SEC’s roundtable at Washington headquarters. Richard Gabbert, Crypto Task Force Chief, is expected to emphasize investor-focused oversight during his first roundtable session.
The public event, “Between a Block and a Hard Place,” aims to shape crypto trading rules. The meeting is expected to focus on aligning regulations with market needs, setting up a panel with industry leaders to dive into practical solutions for the crypto industry.
Also Read: SEC Set to Discuss Crypto Trading Rules at April 11 Roundtable
