Oh no! Exactly what many feared is happening: the U.S. Securities and Exchange Commission (SEC) is about to establish a new standardization rule for cryptocurrency exchanges. SEC Chairman Gary Gensler has suggested that cryptocurrency exchange houses may qualify as qualified custodians.
This means that, in the near future, cryptocurrency exchange platforms will have to comply with a number of regulatory standards to keep up with the times. These standards will include security requirements, proper accounting and auditing technologies, and licensing requirements. These standards will directly affect how these exchange platforms operate, and will affect how users interact with them.
Now, of course, this has been seen as a bad thing to some. Many fear that the SEC's new standardization rule will be too restrictive and limit the freedom with which users can interact with these platforms. This, however, is not necessarily true. The standardization rule could also provide greater security for users, and allow exchange platforms to offer better and safer experiences for their users.
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