Bitcoin

The governor of South Korea&#39;s Financial Supervisory Service (FSS) met with the United States Securities and Exchange Commission (SEC) Chair Gary Gensler, <a href="https://www.newsis.com/view/?id&#61;NISX20240516_0002736562&amp;cID&#61;10403&amp;pID&#61;15000" rel="noopener noreferrer nofollow">according to</a> Korean media outlet Newsis. The meeting took place during FSS Governor Lee Bok-hyun&#39;s business trip to the U.S. The meeting with the SEC chair was <a href="https://coinnesslive.page.link/a8jbbpzvdUWBQxpFA" rel="noopener noreferrer nofollow">pre-arranged</a> earlier this year, as previously reported by crypto media CoinNess.Governor Lee reportedly had high-ranking meetings with officials from the SEC and Commodity Futures Trading Commission (CFTC) between May 14 and May 16.During his meeting with the SEC chair, Governor Lee discussed various financial and cryptocurrency regulatory issues including the recent approval of spot Bitcoin ETFs, and reaffirmed the need for close cooperation between two countries in such oversight efforts. In particular, the two regulators came to an agreement to reinforce cooperation in investigation into unfair trading practices associated with securities and virtual assets.He also met with CFTC Chairman Rostin Behnam to share the recent trends regarding virtual asset legislation in the U.S. and agreed to strengthen information sharing between the two countries. The details of the meeting agendas remain confidential, as mutually agreed upon by the two supervisory organizations.<h3 id="international-financial-regulatory-cooperation">International financial regulatory cooperation</h3>Governor Lee’s latest meetings with U.S. financial regulators followed his attendance at the meeting for the Group of Central Bank Governors and Heads of Supervision (GHOS) held in Basel, Switzerland, on May 13. The GHOS is the oversight body of the Basel Committee on Banking Supervision (BCBS).During the GHOS meeting, participants reached a consensus on the urgency of swiftly implementing Basel III, a set of bank regulation standards. Two-thirds of member countries are set to partially or completely adopt Basel III by the end of this year.Furthermore, the member countries agreed to postpone the implementation of the Prudential Treatment of Banks&#39; Exposures to Cryptoassets to Jan.1, 2026, considering the regulatory framework is currently under amendment.

Korean FSS Governor meets U.S. SEC Chair Gensler to cooperate on crypto regulations

Table of Contents

CoinNess Global

Other articles published on May 17, 2024

Decimal Wiki

The rise of blockchain-powered payments in Africa

SEC Never Loses? Veteran Labels Ripple Case Mixed Verdict

MATIC price’s breakout odds depend on THESE key metrics

3 Cryptos for Life-Changing Profits in 2024: Retik Finance (RETIK), Pepe Coin (PEPE), and Polygon...

Is Altseason Coming?! Revealing the Best Altcoins to Buy in 2024

Join our free newsletter for daily crypto updates!