Review of regulation: France, the actions of the SEC and CFTC

[Paha87]

French lawmakers are considering a proposed amendment that will introduce a regulatory framework for intermediaries working with cryptocurrency assets; the U.S. securities and exchange Commission (SEC) announced October 26 as the deadline for submitting public comments regarding the nine exchange-traded funds (ETFs) it recently rejected; and the U.S. commodity futures trading Commission (CFTC) Subcommittee has sparked controversy over self-regulation in the cryptocurrency industry.

France is considering rules for the crypto-mediators
France is considering the introduction of legislation that would ensure compliance with the regulatory framework specifically governing the operations of intermediaries working with cryptocurrency assets.

According to the Mondaq article, if adopted, the proposed amendment "will add a new category of investment service providers to the French monetary and financial code (MFC), referred to as cryptocurrency asset service providers, which will be subject to either mandatory or optional requirements".

The bill proposes to provide a mandatory regulatory framework for" keepers of cryptographic keys and Fiat crypto exchangers, "but also States that"all crypto security service providers will be allowed to request an optional license granted by the financiers of Autorité des Marchés (AMF)."

SEC sets deadline for crypto-ETF decision
The U.S. securities and exchange Commission (SEC) set October 26 as the deadline for public comments relating to nine cryptocurrency-based traded exchange-traded funds (ETFs), which the regulator rejected on August 22.

"The planned scheduling of applications for revision", prepared by the Secretary of the SEC, Eduardo Aleman, States that"the order rejecting [ETF] remains in force until the comments are considered by the Commission".

Rejected applications introduced earlier ETF Proshares, and Direxion Graniteshares, while the SEC rejected the proposal referred to "problems related to market manipulation".

Last month, the SEC published a "procedure for initiating proceedings to determine whether to approve or reject a proposed change to the rule for listing and selling Solidco Bitcoin shares issued by Vaneck Solidx Bitcoin Trust" so that the regulator would also request additional public comments on the proposed ETF.

CFTC's proposal for self-regulation of the crypto-sphere
The cryptocurrency Subcommittee of the CFTC (TAC) held a meeting on Friday to "stimulate further discussion on how the CFTC, other regulators, spot platforms and market participants can contribute to the reliability and security of this market."

Richard Gorelik, head of the DRW Holdings market structure, suggested that "smart regulation" should be balanced along with efforts to self-regulate the cryptocurrency industry, saying:

One of the points we raised in the Subcommittee was that there was an opportunity for industry to organize efforts that would help fill some of those gaps. They can be self-regulatory organizations or similar structures that help identify and enforce best practices, standards and accountability across the industry, and efforts are being made to start thinking and building these types of organizations.

"In traditional financial markets, there are many precedents that we can count on in innovative governance structures that apply to markets and affect multiple jurisdictions," Gorelik added.

Link to the source of information (Russian) - https://altstake.io/news/obzor-regulirovaniya-franciya-deystviya-sec-i-cftc