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Kolkata, Mar 8 () Hero Enterprise chairman SunilKant Munjal has lauded the regulatory framework of the countrysaying it is getting better and regulators are now stepping inpromptly to handle financial crisis.India is currently experiencing the "pain oftransition", Munjal said at the launch of his book "The Makingof Hero"."A lot of questions on IBC was raised but the way itis functioning... in the next 2-3 years, it will be a smoothfunctioning system," Munjal said at the programme on Saturday.Stakeholders had raised concerns as cases dragged onfor months and years in the NCLT and NCLAT and some of themost important cases have eventually settled in the SupremeCourt.On Goods and Services Tax, Munjal said although theinitial concept of GST was simple, it has now become complexowing to "a lot of political compromises".Nevertheless, he expects that complications around thelatest tax structure would be addressed and GST willeventually evolve into a simpler form.Asked about the RBI's intervention in Yes Bank and thepossibility of SBI picking up a 49 per cent stake in it,Munjal said, "It sends a very mixed signal. On one hand, itproves that the regulatory bodies are awake, On the other, itscared a lot of people who are not able to access theirdeposits."On the state of the economy, he said it is expectedthat consumption may start picking up from the next 2-3 monthsbut it will take 5-6 quarters for a full-fledged recovery tostep in.Asked about the novel coronavirus threat on theeconomy, Munjal said, "I am concerned but not worried. Thenegative impact of the virus should start receding by month-end but it needs to be seen how it impacts."Tata Steel MD and CEO T V Narendran who was present atthe programme said the government has acted swiftly in the YesBank case and its assurance to address problems within atimeframe of 30 days is very prompt. BSMNN NN

Munjal positive on Indian regulatory framework

New Delhi, Feb 25 () Amid rising instances of defaults, markets regulator Sebi on Tuesday proposed stronger framework for governing corporate bonds and debenture trustees, including enhanced disclosure requirements. Among other measures, the watchdog has suggested that NBFCs (Non-Banking Financial Companies) create charge on the identified assets for every bond issue. Sebi has issued a consultation paper on 'Review of the Regulatory Framework for Corporate bonds and Debenture Trustees'. "The increased events of default by a few financial institutions and the lapses/ complications on the part of debenture trustees in the expeditious enforcement of the security has brought to the fore the need for a review of the present regulatory framework for debenture trustees," Sebi said. In order to enhance transparency, the regulator has also proposed to mandate minimum disclosures. For standardisation of Debenture Trust Deed (DTD), Sebi has proposed that the same should be bifurcated into two parts. One part should have standard clauses common to all DTDs. The second part should contain specific and customised clauses and covenants relevant to the particular issue for which the DTD is executed. "An SOP (Standard Operating Procedure) shall be prepared that shall list out the penalties for specific violations by the issuer company for the listed debt," the watchdog said. Public comments have been sought on the consultation paper till March 17. SRS RAM

Sebi proposes stricter regulatory framework for corporate bonds, debenture trustees

Mumbai, The <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> on Monday released a 'draft framework for recognising <keyword id="20198317" type="General" weightage="20" keywordseo="self-regulatory-organisations" source="keywords">Self-Regulatory Organisations</keyword> (SRO) for <keyword id="19942953" type="General" weightage="20" keywordseo="fintech-sector" source="keywords">FinTech Sector</keyword>', laying down the characteristics of a <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">FinTech</keyword> SRO, and includes the required functions and governance standards. FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs. Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk, on the other, is crucial to optimising the contribution of the FinTech sector, the RBI said. "Self-regulation within the FinTech sector is a preferred approach for achieving the desired balance," the central bank stated. According to the RBI draft framework, the SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the FinTech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them. The SRO-FT must be looked up to and accepted by the industry as the key body for setting market standards, defining rules of conduct and ensuring voluntary adoption of the common framework by its members, the RBI said. The framework also states that the SRO-FT should be development-oriented, actively contributing to the growth and evolution of the industry. This involves providing specialised knowledge and expertise, offering guidance, and contributing to capacity building through training programs, and prescribing minimum eligibility criteria for its members. Also, members should perceive the SRO-FT as a legitimate arbiter of disputes. This would require a transparent and fair resolution mechanism for disputes arising among members that instils confidence in the FinTech industry. By efficiently handling conflicts and grievances, the SRO-FT would contribute to a more stable and harmonious FinTech environment. A proactive <keyword id="20198316" type="General" weightage="20" keywordseo="sroft" source="keywords">SROFT</keyword> should be capable of motivating its members to align with regulatory priorities. This would involve facilitating communication between industry players and regulatory bodies, advocating for necessary changes, and promoting a culture of compliance. The SROFT, as its duty towards ensuring compliance, should be empowered to investigate and take disciplinary action against its members for non-adherence to codes/standards/rules. The RBI said comments from stakeholders and members of the public on the draft framework may be sent by end February 2024, through e-mail. The final framework will be issued taking into account stakeholder and public responses.

RBI releases draft framework for Fintech sector self-regulatory organisations

<ul class="summary-list"><li><keyword id="11895315" type="UNKNOWN" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword> wants a special regulator to oversee cryptocurrency <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>.</li><li>The biggest <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange in the US proposed the idea in a <a href="https://blog.coinbase.com/digital-asset-policy-proposal-safeguarding-americas-financial-leadership-ce569c27d86c" target="_blank" rel="noopener">regulatory framework released on Thursday</a>.</li></ul>Coinbase has suggested Congress create a special regulator just for cryptocurrency markets, according to <a href="https://blog.coinbase.com/digital-asset-policy-proposal-safeguarding-americas-financial-leadership-ce569c27d86c" target="_blank" rel="noopener">a new proposal</a>."To avoid fragmented and inconsistent regulatory oversight of these unique and concurrent innovations, responsibility over digital asset markets should be assigned to a single federal regulator," Coinbase said in its "<a href="https://blog.coinbase.com/digital-asset-policy-proposal-safeguarding-americas-financial-leadership-ce569c27d86c">Digital Asset Policy Proposal: Safeguarding America's Financial Leadership</a>" released Wednesday. Coinbase - the cryptocurrency exchange that <a href="https://markets.businessinsider.com/news/currencies/coinbase-ipo-watershed-moment-cryptocurrencies-cryptocom-bitcoin-2021-4">went public in August</a> - said a single federal regulator should be in charge of oversight. That would mean jurisdiction would rest outside entities like the <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> or CFTC. In addition, the company wants Congress to create a self-regulatory organization in order to "strengthen the oversight regime."The two would create rules dealing with a range of crypto topics such as digital asset trading, transfer, custody, clearing, settlement, money payment, staking, borrowing and lending, and related incidental services, the company said in its policy proposal."This two-tier regulatory structure will ensure efficient and streamlined regulation and oversight, and evolve elements of the existing frameworks to meet the requirements of our new technologically-driven financial system," Coinbase said. The policy proposal comes as the government has struggled with how to approach a regulatory framework for <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>. And some big <a href="https://markets.businessinsider.com/news/stocks/bitcoin-morgan-stanley-james-gorman-crypto-btc-3q-earnings-2021-10">investors have stayed away</a> from the asset class as they await more clarity from the government. "Regulatory certainty in the United States is urgently needed to maintain our leadership in responsible financial innovation," Michael Piwowar, executive director of the Milken Institute Center for Financial Markets and former Commissioner and acting chairman of the U.S. Securities and Exchange Commission, said in an email.

Coinbase wants Congress to create a special regulator to oversee the crypto market

<ul class="summary-list"><li>The cryptocurrency market can be guided by the US's existing financial regulatory framework, former SEC chair Jay Clayton said. </li><li>In an op-ed that he co-wrote with Brent McIntosh, Clayton lays out how financial regulators should deal with the digitization of assets. </li><li>They note there's a risk of both overregulation and underregulation.</li></ul>Former SEC chair Jay Clayton and former undersecretary of the Treasury Brent McIntosh co-wrote an <a href="https://www.wsj.com/articles/crypto-needs-regulation-but-it-doesnt-need-new-rules-11623007528?campaign_id=4&amp;emc=edit_dk_20210607&amp;instance_id=32425&amp;nl=dealbook&amp;regi_id=61427258&amp;segment_id=60066&amp;te=1&amp;user_id=6ce77f080f3d64e6312881475ed3b6767f080f3d64e6312881475ed3b676">opinion article in the Wall Street Journal</a> where they explained that the cryptocurrency market can be governed using existing financial regulation.In the op-ed, titled: "Crypto Needs Regulation, but It Doesn't Need New Rules," the two question Treasury Secretary Yellen's suggestions that the US framework isn't "up to the task of regulating cryptocurrencies."Instead, they said that the core ideas in the US's existing regulatory framework are enough to guide the market. Clayton and McIntosh note that there's a risk of both overregulation and underregulation in the budding industry. "Policy makers would be wise to ground their efforts in the principal objectives underpinning existing financial regulations: financial stability, deep and efficient funding <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> across the spectrum of debt and equity, and the prevention of fraud and illicit activity," they said. Yellen isn't the only government official calling for more cryptocurrency rules. Clayton and McIntosh also note that current SEC chair Gary Gensler has lamented that because cryptocurrency exchanges lack a market regulator, there's "no protection around fraud or manipulation." "Financial regulators and economic policy makers need to set out an agreed-upon plan to deal with the digitization of assets and financial technologies that is based on the current regulatory framework," Clayton and McIntosh added. The effort should address at least three issues, they said. First, clarity on which regulators will regulate which types of digital assets. Second, clarify on the requirements a digital asset must meet to operate legally in the US. And third, an answer to whether the US should issue a digital dollar or facilitate digitization through other means like stablecoins. The writers concluded that a prompt and coordinated approach to regulatory clarity that builds upon our existing knowledge base will empower "responsible innovation" and preserve the US financial system's role as a leader in capital formation.

The cryptocurrency market doesn't need new rules and can be governed under existing regulation, former SEC chief says

<keyword id="3658" type="COUNTRY" weightage="80" keywordseo="India">India</keyword>'s peer-to-peer lending market can attain a size of USD 4-5 years billion in the next 5-6 years, according to start-up <keyword id="2673799" type="UNKNOWN" weightage="80" keywordseo="Faircent-com">Faircent.com</keyword>. 
 
There is no regulatory framework in place as yet for this business in India, although it is said to catching up fast in some western countries. 
 
Faircent.com claims to be India's only peer-to-peer (P2P) lending website, through which people having spare money can lend to potential borrowers for retail and business purposes. 
 
Claiming that there was a demand-supply mismatch in the country, Faircent.com Founder CEO Rajat Gandhi said he figured out this gap and he believes that "the industry would be doing around USD 4-5 billion of loans in the next 5-6 years." 
 
Faircent itself has an average loan ticket size of just Rs 1.5 lakh. It allows lenders to give loans ranging from Rs 30,000 to Rs 5 lakh for personal needs and of up to Rs 15 lakh for business purposes. 
 The <keyword id="37018" type="UNKNOWN" weightage="100" keywordseo="interest-rate">interest rate</keyword> agreements are entirely between lenders and borrowers in which Faircent has no intervention, he said. 
 
On the revenue share model, the company charges 1 per cent of the lending amount from the lenders. 
 
The company started its operations in 2014 and claims to have over 5,000 registered lenders and 20,000 borrowers, while it has disbursed loans worth Rs 2.5 crore in 14 months so far. 
 
At present, the P2P marketplace business model does not come under any regulatory framework in India, but Faircent said it abides by legal framework under Section 138 in The Negotiable Instruments Act. 
 
"As a platform, we also come under the Information Technology Act. Over the past one and a half years, we are in active engagement with the RBI to bring P2P lending under its regulatory framework in India, but Faircent said it abides by legal framework under Section 138 in The Negotiable Instruments Act. 
 
"As a platform, we also come under the Information Technology Act. Over the past one and a half years, we are in active engagement with the RBI to bring P2P lending under its regulatory framework as we believe it will be beneficial for the industry as a whole in the long run and help it to prosper", Gandhi said.

Peer-to-peer lending market growing big in India, according to a startup!

New Delhi, Jan 21 () Private non-life insurer Bharti AXA General Insurance on Tuesday said it has received nod from the Insurance Regulatory and Development Authority of India (Irdai) for its two products under the regulatory sandbox framework.
 The two proposed products, usage-based motor insurance in the non-life insurance category and short-term health insurance in the health segment, have been shortlisted by the regulator for its sandbox framework, the company said in a statement.
 Irdai has selected only 33 out of 173 applications under health, non-life and distribution segments for the regulatory sandbox, which allows insurers and technology companies to collaboratively experiment with new products along with unique customer proposition on a live audience under the supervision of the regulator, it said.
 "As customers' needs are ever-evolving, there has always been a demand for flexible and 'Do It Yourself' coverages from partners and customers alike.
 "We are cognisant of this and always put their needs at the forefront of our innovations. Our proposed products for the sandbox project cater to this requirement, and they are recent examples of our commitment towards customer centricity," said Sanjeev Srinivasan, chief executive officer, Bharti AXA General Insurance.
 The proposed 'usage-based motor insurance' product charges premium based on pre-declared or promised vehicle usage distance along with the standard parameters, thus benefiting those who drive less, it said.
 The company said the proposed 'short-term health insurance' product will provide short-term health insurance cover to customers, covering customisable waiting periods, and includes both indemnity and benefit.
 While traditional health insurance is generally offered for the longer duration starting from a year, this product offers coverage for sachet (shorter) periods, and includes both indemnity and benefit, it added.
 The insurance sandbox project has been launched mainly to help the regulator gauge and measure real-life acceptance of new customer propositions before giving them the regulatory nod for commercial launch. It also has immense potential to facilitate innovation and securely experiment with ideas to solve unmet customer expectations and raise efficiency levels in processes or manage risk better. DP SID HRS

Bharti AXA General gets Irdai nod for two products under regulatory sandbox framework

<ul class="summary-list"><li>The huge growth in the <keyword id="11931190" type="UNKNOWN" weightage="60" keywordseo="stablecoins" source="Orion">stablecoins</keyword> market underscores the "urgency" for more oversight, a Treasury official said Tuesday. </li><li>Nellie Liang, under secretary of the Treasury for domestic finance, testified before the House Committee on Financial Services. </li><li>Stablecoins represent technological innovation but also pose policy concerns, she said. </li></ul>The boom in the value of the stablecoin market highlights the crucial need for more regulation over issuers, said Nellie Liang, under secretary of the Treasury for domestic finance, in testimony before US lawmakers Tuesday. "Stablecoins are growing and developing rapidly and are not subject to a statutory or regulatory framework that mitigates the risks they present in a consistent and comprehensive manner," Liang said in prepared remarks for the House Committee on Financial Services for its virtual hearing about <a href="https://www.businessinsider.com/stablecoin">stablecoins</a> and <keyword id="12068706" type="UNKNOWN" weightage="60" keywordseo="digital-assets" source="Orion">digital assets</keyword>. Stablecoins are <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> that are usually pegged to fiat currency, such as the US dollar, and backed by collateral. In November, the President's Working Group on Financial <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword> released a report <a href="https://markets.businessinsider.com/news/currencies/biden-congress-legislation-regulate-stablecoins-presidents-working-group-financial-markets-2021-11">asking Congress to create regulations for stablecoins</a>. "Currently, regulators have authorities that can be used to address illicit finance and investor protection concerns in the context of stablecoins. However, as described in the PWG Report, regulatory gaps exist regarding certain prudential risks," said Liang on Tuesday.She added that the Treasury supports "responsible innovation" aimed at meeting the needs of users and the financial system, but stablecoins also raise policy concerns such as those related to illicit finance and systemic risk. Stablecoins with their potential to be used for making payments and the design mechanisms they rely on to maintain a stable value present risks traditionally associated with bank deposits and other forms of private money, she said. Runs on stablecoins are among prudential risks, and there are payment-system risks related to the mechanisms used to store or transfer the digital assets. Run risk envisions a scenario in which investors who lose confidence in a stablecoin set off a wave of stablecoin redemptions, leading to distressed sales of the stablecoin's reserve assets. "The regulatory frameworks that apply to stablecoin issuers and service providers are inconsistent, creating opportunities for regulatory arbitrage and uncertainty among stablecoin users," Liang said in the remarks. "The exponential growth of stablecoins – from a market capitalization of roughly $5 billion at the start of 2020 to approximately $175 billion today – increases the urgency of ensuring that an appropriate regulatory framework is in place." The Commodity Futures Trading Commission under the Commodity Exchange Act holds the authority to police fraud and manipulation in commodities spot markets, which include digital assets. Derivatives products on commodities and leveraged retail transactions also are subject to CFTC's jurisdiction. "These are important tools for ensuring the integrity of these markets and protecting investors, but they are not intended to address prudential risks," Liang said. The PWG report recommended limiting issuance of stablecoins to insured depository institutions, among other proposals.The stablecoin market was valued at more than $176 billion on Tuesday, <a href="https://coinmarketcap.com/view/stablecoin/">according to CoinMarketCap.</a> The largest stablecoin, Tether, was valued around $78 billion on Tuesday, trading around $1.

The US Treasury says there is 'urgency' in regulating stablecoins to mitigate risks in the $176 billion market

<ul class="summary-list"><li><keyword id="11895315" type="UNKNOWN" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword> is preparing proposals for a <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> regulatory framework due out next month, the exchange's CEO said in an interview with TechCrunch.</li><li>The interview came a day after CoinDesk reported that Coinbase's proposal would include ideas for when cryptocurrencies should be considered securities.</li><li>It also came shortly after Coinbase walked back a crypto-lending product over which the <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> had threatened to sue the company.</li></ul>Coinbase is preparing proposals for a crypto regulatory framework due out next month, the exchange's CEO said in an interview with <a href="https://techcrunch.com/2021/09/22/coinbase-to-propose-a-federal-regulatory-framework-for-crypto-to-u-s-officials-within-the-next-month/">TechCrunch</a>.CEO <keyword id="11908240" type="UNKNOWN" weightage="60" keywordseo="brian-armstrong" source="Orion">Brian Armstrong</keyword> said that his company was drafting a framework to help regulators create a structure for dealing with new policy questions posed by crypto's rapid rise."Coinbase wants to be an advisor and a helpful advocate for how the U.S. can create that sensible <keyword id="11929846" type="UNKNOWN" weightage="60" keywordseo="regulation" source="Orion">regulation</keyword>," Armstrong told TechCrunch. "In fact, there's a proposal that we're putting out at the end of this month, or maybe early next month, that is our proposed regulatory framework."The TechCrunch interview came a day after <a href="https://www.coindesk.com/policy/2021/09/21/coinbase-to-propose-crypto-regulations-to-us-officials-sources/">CoinDesk</a> reported that Coinbase's proposal would include ideas for when cryptocurrencies should be considered securities - an issue that has become a <a href="https://markets.businessinsider.com/news/currencies/blockfi-crypto-platform-texas-alabama-new-jersey-interest-account-2021-7">key concern for state</a> and federal regulators.It also came shortly after Coinbase was <a href="https://markets.businessinsider.com/news/currencies/coinbase-crypto-lending-program-sec-lend-abandons-usdc-apy-waitlist-2021-9">forced to walk back plans for a crypto-lending product over which the SEC had threatened to sue the company</a>. Many considered the episode a defeat for Coinbase and Armstrong, who had accused the SEC of "sketchy behavior" in tweets publicizing the agency's threat.Armstrong told TechCrunch that his ultimate aim was to create a unified framework for overseeing crypto - echoing a common complaint by crypto firms that regulators have prioritized <a href="https://markets.businessinsider.com/news/currencies/crypto-regulation-financial-crisis-michael-hsu-occ-brian-brooks-basel-2021-09">punitive enforcement</a> over a clear set of rules to follow."When I go to DC … they typically will ask us, 'Do you have a proposal of something we could try to shop around about how this could be regulated federally?'" said Armstrong, who complained that Coinbase must deal with "50 different state regulators for money transmission licenses, 50 for lending licenses" on top of six different federal agencies.

Coinbase is planning to pitch federal agencies on crypto regulations following its public feud with the SEC

Trai Chairman R S Sharma today said the telecom regulator has advised Reliance Jio to stop 'complimentary' service offer as it was not in accordance with the regulatory framework, according to news agency PTI. 
 
"We examined it and found that it was not in accordance with regulatory framework, so we advised them to stop it," Telecom Regulatory Authority of India (Trai) Chairman R S sharma told PTI. 
 
The regulator yesterday asked Mukesh Ambani-led Reliance Jio to withdraw the three-month 'complimentary' offer of unlimited data usage and free calls on payment of a minimum Rs 303. 
 
The order came days after Jio announced that it has clocked 72 million paid users and is extending its one-time Rs 99 payment membership programme Prime for 15 more days till April 15. 
 
Reliance Jio said it accepts Trai's decision and is in the process of "fully complying" with the regulator's advice. 
 
Trai had previously found nothing wrong with its extended promotional offers of free data and voice that had helped Jio clock 100 million customers. Of these at least 72 million opted for paid services.

Here’s the actual
reason why Reliance Jio had to scrap extended free services June

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Shares of Tekmira Pharmaceuticals were up more than 14% on Monday after the company announced that it reached a "regulatory framework" with the FDA for using its TKM-Ebola treatment to treat Ebola.
In a <a href="http://investor.tekmirapharm.com/releasedetail.cfm?ReleaseID=871918">press release</a>, Tekmira said:
Tekmira Pharmaceuticals Corporation, a leading developer of RNA interference (RNAi) therapeutics, today announced that the FDA has authorized Tekmira to provide TKM-Ebola for treatment under expanded access protocols to subjects with confirmed or suspected Ebola virus infections.
"Tekmira is reporting that an appropriate regulatory and clinical framework is now in place to allow the use of TKM-Ebola in patients. We have worked with the FDA and Health Canada to establish this framework and a treatment protocol allowing us to do what we can to help these patients," said Dr. Mark J. Murray Tekmira's President and CEO.
"We have insisted on acting responsibly in the interest of patients and our stakeholders," added Dr. Murray. "Today we are reporting that, working closely with regulators in the United States and Canada, we have established a framework for TKM-Ebola use in multiple patients. In the US, the FDA has granted expanded access use of TKM-Ebola under our Investigational New Drug application (IND) and Health Canada has established a similar framework, both of which allow the use of our investigational therapeutic in more patients."
This summer, <a href="http://www.businessinsider.com/s?q=tekmira">shares of Tekmira were all over the place</a> on hopes that the company's Ebola treatment would get expanded approval from the FDA.
The latest update from the company, which came on August 13, said it was <a href="http://www.businessinsider.com/ebola-company-tekmira-news-2014-8">"evaluating" options</a> with regard to expanded use of its Ebola treatment.
This chart shows the rally in shares of Tekmira over the last three months, with the stock gaining more than 65% over that period. 
<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>

Ebola Drug Firm Tekmira Is Surging Again

<ul class="summary-list"><li>"Crypto mom" Hester Peirce said it's a shame regulators haven't provided a cryptocurrency framework.</li><li>Pierce, an <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> Commissioner, told Yahoo Finance Live the lack of rules is becoming a barrier.</li><li>Fed Chair Jerome Powell said last week he has no intention to ban digital assets. </li></ul>US Securities and Exchange Commissioner Hester Peirce said it's "disconcerting" the agency has yet to provide regulatory clarity on <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>. The Republican commissioner - dubbed "crypto mom" by enthusiasts for her support for the new asset - told <a href="https://finance.yahoo.com/news/its-a-real-shame-the-way-the-sec-is-regulating-crypto-sec-commissioner-175955363.html">Yahoo Finance Live in an interview</a> that she's been asking for a regulatory framework for three years and the agency "can't seem to provide any.""I think this is really becoming a huge barrier to this industry being able to develop in a way that's safe, but also in a way that allows innovation to happen," she told the news outlet. "And it's a real shame to me that we are not just taking up the mantle as regulators to develop a regulatory framework."In a previous interview with the Financial Times, Peirce said rules that are too strict, however, might <a href="https://markets.businessinsider.com/news/currencies/sec-commissioner-hester-pierce-worries-rules-cryptocurrency-market-gensler-bitcoin-2021-6">harm digital innovation</a>. Recently, Republican lawmaker Rep. Patrick McHenry <a href="https://markets.businessinsider.com/news/currencies/bill-crypto-developers-network-fundraise-tokens-safe-harbor-mchenry-sec-2021-10">proposed a bill</a> based on Peirce's idea to allow crypto startups to use token sales to fundraise under a limited-time exemption from some SEC <keyword id="12243926" type="UNKNOWN" weightage="60" keywordseo="regulations" source="Orion">regulations</keyword>. The market otherwise has been left guessing as to how to navigate the new asset class while regulators continue grappling with how to establish rules for the industry. Some financial advisors have been <a href="https://markets.businessinsider.com/news/currencies/cryptocurrency-bitcoin-tax-loophole-wealth-managers-help-clients-2021-10">telling clients to invest in digital currencies</a> because of regulatory loopholes, while <a href="https://markets.businessinsider.com/news/currencies/citadel-ken-griffin-payment-for-order-flow-ban-crypto-regulation-2021-10">some have steered clear</a> of the space entirely. SEC Chair Gary Gensler has been critical of digital currencies, calling stable coins poker chips and saying platforms have become too large. He has, however, been <a href="https://markets.businessinsider.com/news/currencies/gary-gensler-sec-review-of-bitcoin-futures-etf-applications-2021-9">supportive of bitcoin futures</a>, though the agency has yet to approve of any of the more than dozen ETF filings its received for them. The US Federal Reserve Chair Jerome Powell has said he has no intentions of outright banning digital assets, unlike China, which has <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-china-ban-cryptocurrency-transactions-crackdown-2021-9?utm_source=markets&amp;utm_medium=ingestgest">cracked down on the space</a>. Meanwhile, the Federal Reserve is expected to release a paper soon on a central bank digital currency. And the President's Working Group on Financial <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword> is due to recommend policies on regulating stablecoins.

You Searched For "regulatory frameworks" and got 12 results

Munjal positive on Indian regulatory framework

PTI

Sebi proposes stricter regulatory framework for corporate bonds, debenture trustees

PTI

RBI releases draft framework for Fintech sector self-regulatory organisations

IANS

Coinbase wants Congress to create a special regulator to oversee the crypto market

Natasha Dailey

The cryptocurrency market doesn't need new rules and can be governed under existing regulation, former SEC chief says

Emily Graffeo

Peer-to-peer lending market growing big in India, according to a startup!

BI India Bureau

Bharti AXA General gets Irdai nod for two products under regulatory sandbox framework

PTI

The US Treasury says there is 'urgency' in regulating stablecoins to mitigate risks in the $176 billion market

Carla Mozée

Coinbase is planning to pitch federal agencies on crypto regulations following its public feud with the SEC

Ethan Wu

Here’s the actual reason why Reliance Jio had to scrap extended free services June

BI India Bureau

Ebola Drug Firm Tekmira Is Surging Again

Myles Udland

SEC Commissioner Hester Peirce says it's a shame regulators aren't 'taking up the mantle' to provide rule on digital currencies

Natasha Dailey

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