Crypto meltdown prompts calls to fast-track regulation (TheStreet)

Regulation of cryptocurrency is coming, but the government agencies and self-regulatory bodies tasked with that job appear to be up in the air. It could be several regulatory entities with varying responsibilities. The recent collapse of the crypto market seems to echo that need. Comments by SEC Chairman Gary Gensler make reference to a role for the CFTC, although it’s likely the SEC would also want a say in exchange trading oversight. Amy Lynch, Founder and President of FrontLine, explains that with no current SEC proposed rules discussing cryptocurrencies on its latest agenda, it may not be the SEC that acts first. Ms. Lynch states that the Department of the Treasury has taken the lead from a regulatory perspective, but the SEC, CFTC, NFA and FINRA will also need to coordinate on responsibilities. While a multi-agency approach is not inconceivable, working together to accomplish regulations in a fragmented market will take time. Ms. Lynch also comments that the need for regulation keeps getting ramped up through SEC filings for crypto exchanges and ETFs, plus the perspective of the crypto markets is that regulation would add legitimacy to the industry. See TheStreet, “SEC May Have Good News for Bitcoin”