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SEC and FSS to Discuss Cryptocurrency Regulations in January

South Korea's FSS Chief and SEC Chair Gary Gensler to tackle crypto regulation at a critical meeting in January.
SEC and FSS to Discuss Cryptocurrency Regulations in January

Lee Bok-hyun, the head of South Korea’s Financial Supervisory Service (FSS), is set to meet with Gary Gensler, chair of the United States Securities and Exchange Commission (SEC), this January. This meeting, as reported by Chosunbiz on December 18, marks a proactive step in discussing the current state of the cryptocurrency market and the potential direction for supervisory policies in this rapidly evolving sector.

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A Critical Time for Crypto Regulation

The timing of this meeting is crucial, given the ongoing developments in both countries’ regulatory landscapes. Speculations are rife that the SEC might soon greenlight several spot Bitcoin exchange-traded products. In South Korea, July 2024 is expected to witness the implementation of new policies concerning crypto investors and the handling of their funds by exchanges. This period of regulatory evolution underscores the need for such high-level discussions.

Further complicating the regulatory scene is the case of Do Kwon, co-founder of Terraform Labs. With Kwon facing legal challenges in multiple countries, including a potential extradition to the United States, the discussion between Lee and Gensler gains additional complexity. It reflects the intricate web of international law and its intersection with the decentralized nature of cryptocurrencies.

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Evolving SEC Stance under Gensler

Under Gary Gensler’s leadership, the SEC has cautiously approached the crypto market. The industry has awaited decisions on spot crypto exchange-traded funds (ETFs), especially for major cryptocurrencies like Bitcoin and Ether. However, the SEC has only approved ETFs tied to crypto futures. The meeting between Lee and Gensler could illuminate future regulatory approaches in this area.

Read Also: Sam Bankman-Fried’s Bid for Sentencing Adjournment Denied

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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