It is planned that the Chairman of the United States Securities and Exchange Commission (SEC) will be Gary Gensler. meet With Lee Bok-hyun, head of South Korea’s Financial Supervisory Service (FSS). This meeting is expected to be very important. As Chosunbiz reported on December 18, the conference, which is scheduled to take place in January, is taking a proactive approach to examining cryptocurrency market dynamics as well as potential supervisory measures.
The timing of this conference is particularly important given the current changes occurring in the regulatory landscape of both the United States and South Korea. It is anticipated that the Securities and Exchange Commission (SEC) will soon give its approval to several exchange-traded products, including Bitcoin. Meanwhile, South Korea is estimated to implement new regulations by July 2024, which will have a major impact on cryptocurrency traders and exchanges. The importance of these high-level meetings is highlighted by the fact that the regulatory landscape is constantly changing.
Additionally, the situation with Do Kwon, who was a co-founder of Terraform Labs, makes the regulatory landscape even more complex. The fact that Kwon is battling legal issues in several different countries, including the possibility of being extradited to the United States, adds another degree of complexity to the discussions taking place between Lee and Gensler. The existence of this issue exemplifies the complex relationship that exists between international law and the decentralized structure of cryptocurrencies.
At this point, the Securities and Exchange Commission (SEC) has only authorized exchange-traded funds (ETFs) that are tied to Bitcoin futures. That’s because Gary Gensler has been in charge of the SEC. The decision on spot cryptocurrency exchange-traded funds (ETFs) is being eagerly awaited by the industry, especially with respect to major cryptocurrencies like Bitcoin and Ether. There is a possibility that the discussion between Lee and Gensler may provide insight on possible future regulatory measures around this sector.
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