SEC to continue studying rules for digital assets

SECURITIES and Exchange Commission (SEC) Chairman Emilio Benito Aquino said they are still continuing to study about the implementing rules and regulations for digital currencies, especially crypto currencies, and how to execute them.

During an interview with reporters during the SEC’s 86th Anniversary and Recognition Ceremony, Aquino explained that despite his promise regarding this, several related problems and digital crimes (scams in particular) have prompted the agency to always keep going back to the drawing board, further delaying the release.

“If you remember, I promised that way back in 2017, but the numerous scams and scandals, which came about one after the other, have always made us reconsider,” said Aquino.

“In fact, I think this is our 10th iteration for the digital asset rules and regulations, exchange and offerings, and we were already set to declare to the public, but another big scandal rocked the market recently,” he added.

Aquino was talking about the closing of crypto exchange FTX. Billions worth of funds in digital crypto currency was affected as many of FTX’s customers could not withdraw their funds from the exchange.

Moreover, this closure caused the largest collapse of the crypto market so far as most digital assets directly related to FTX were suddenly rendered useless overnight and during the next few days with its effects still affecting others today as it has been revealed that FTX has been illegally using money from the exchange to fund other projects the firm is related to.

“FTX was pushing for its own Digital Asset Registration Act, and we were supposed to follow suit, but it seems because of the disaster, we are again reviewing just to make sure the same failures will not happen,” Aquino pointed out.

He added that they will rethink their policy direction for now because of FTX’s failure in internal control and regulation despite being bullish about the digital future.

“We still want digital assets to flourish in the country but there should be enough safeguards so that our countrymen will not get burned when investing in them,” Aquino concluded.