Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), is expected to do so Meet with Lee Bok-hyun, head of South Korea’s Financial Supervisory Service (FSS). This meeting is expected to be crucial. As Chosunbiz reported on December 18, this conference, scheduled for January, is a proactive approach to exploring the dynamics of the cryptocurrency market as well as future regulatory measures.
The timing of this conference is especially important when considering the current changes taking place in the regulatory landscape of both the United States of America and South Korea. There is speculation that the Securities and Exchange Commission (SEC) could soon approve a number of exchange-traded products, including Bitcoin. In the meantime, South Korea is expected to impose new regulations by July 2024, which would have a major impact on cryptocurrency traders and exchanges. The importance of these high-level meetings is underscored by the fact that the regulatory landscape is constantly changing.
Furthermore, the situation with Do Kwon, co-founder of Terraform Labs, further complicates the regulatory landscape. The fact that Kwon is grappling with legal issues in a number of different countries, including the possibility of extradition to the United States, adds another level of complication to the discussions Lee and Gensler are having. The existence of this issue is illustrative of the complex relationship that exists between international law and the decentralized structure of cryptocurrency.
So far, the Securities and Exchange Commission (SEC) has only approved exchange-traded funds (ETFs) tied to bitcoin futures. This is because Gary Gensler has been in charge of the SEC. Determinations on spot currency exchange-traded funds (ETFs) are eagerly awaited by the industry, especially regarding major cryptocurrencies such as Bitcoin and Ether. There is a possibility that the upcoming discussion between Lee and Gensler could provide insight into possible future regulatory actions in this region.
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