Securities and Exchange Commission (SEC) Chairman Emilio Benito Aquino said that they are still studying the rules and regulations implementing digital currencies, especially cryptocurrencies, and how to implement them.
During an interview with reporters during the SEC’s 86th Anniversary and Appreciation Ceremony, Aquino explained that despite his promise about it, several related issues and digital crimes (scams in particular) have led the agency to always go back to the drawing board, resulting in Further release delay.
“If you remember, it was promised that way in 2017, but the many scams and scandals, one after another, always made us reconsider,” Aquino said.
He added, “In fact, I think this is the 10th iteration of rules and regulations for digital assets, exchanges and offerings, and we were already ready to go public, but recently another big scandal rocked the market.”
Aquino was talking about closing cryptocurrency exchange FTX. Funds worth billions of cryptocurrencies were affected because many FTX clients were unable to withdraw their funds from the exchange.
Moreover, this shutdown caused the biggest cryptocurrency market crash to date as most of the digital assets directly linked to FTX suddenly became useless overnight and over the next few days while continuing to affect others today as it was revealed that FTX was illegal. Using funds from the stock exchange to finance other projects with which the company is affiliated.
“FTX has been pushing for its Digital Asset Registry Act, and we were supposed to follow suit, but it looks like because of the debacle, we’re just checking back to make sure the same failures don’t happen,” Aquino noted.
He added that they would rethink their policy direction at the moment due to FTX’s failure in internal oversight and regulation despite being optimistic about the digital future.
“We still want digital assets to flourish in the country, but there must be sufficient safeguards so that our citizens do not get burned when investing in them,” Aquino concluded.