The head of South Korea’s Financial Supervisory Service (FSS), Lee Bok-hyun, is reportedly planning to meet with the chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, to discuss cryptocurrency regulation. Lee is expected to visit the SEC in January and arrange a meeting with Gensler to discuss the current state of the crypto market and regulatory policies. Regulatory cooperation between countries is seen as crucial for the global virtual asset market.
This meeting comes at a critical time for both regulators. Speculation is rife that the SEC may approve multiple spot Bitcoin exchange-traded products in January. Meanwhile, the FSS is set to implement policies in July 2024 regarding the depositing of funds by crypto investors into exchanges and how firms handle these transactions.
It is worth noting that the US and South Korea are also at odds over the extradition of South Korean national and Terraform Labs co-founder, Do Kwon. Kwon was arrested in Montenegro for using falsified travel documents and could potentially face extradition to the US before South Korea.
Under Gensler’s leadership, the SEC has faced criticism for its reluctance to approve a spot crypto exchange-traded fund (ETF). While the commission has pending applications from asset managers like BlackRock, it has only approved investment vehicles tied to crypto futures, not spot BTC or Ether ETFs.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇺🇸 🇲🇪 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Lee Bok-hyun, Gary Gensler, Do Kwon |
| Companies | BlackRock, Financial Supervisory Service (FSS), Terraform Labs, United States Securities and Exchange Commission (SEC), Cointelegraph |
| Currencies | Bitcoin, Ethereum |
| Securities | None |
