Crypto prices rebound as US SEC prepares investor protection panel

Cryptocurrency prices rebounded Thursday following new policies in the United States and India.

The United States Securities and Exchange Commission (SEC) has released details of a meeting of its Investor Advisory Committee take place on December 2. The two planned panels will discuss ways to protect investors and market integrity in the face of new technologies.

Days agenda shows that it “will explore the intersection of digital assets and investor protection, with a specific focus on the regulatory framework covering digital assets, market structure issues and the definition of risk in emerging technologies. Other topics covered include blockchain technologies, crypto-based EFTs, and stablecoins. “

The SEC works in tandem with the Commodity Futures Trading Commission (CFTC), the Federal Reserve and the Treasury Department and the Office of the Comptroller of the Currency on the regulation of currency.

Indian government drops ban

In addition, the Indian government appeared to drop a total ban on private digital coins.

Bitcoin rose 2.9%, topping $ 59,000, while Ethereum rose 6.2%. Litecoin rose more than 8% at one point, but fell two percentage points later in the day.

The Shiba Inu meme token, named after a dog breed, has increased by over 8%.

Indian crypto promoters predict that a full ban will not be implemented, based on their discussions with government officials.

No ban, says crypto exchange boss

“There is no complete ban, but the leadership is to regulate crypto according to the guidelines of the (Financial Action Task Force),” Kumar Gaurev, CEO of India’s neo-bank Cashaa, said on Twitter on Wednesday.

Gaurev based his claim on a just ended phone call with officials from India’s finance ministry. The Financial Action Task Force is a global money laundering watchdog. Neobanks are businesses that provide non-traditional online banking services. Cashaa offers offers related to crypto.

Severe regulations expected

Avinash Shekhar, co-CEO of Indian cryptocurrency exchange Zebpay, told CNBC that the Indian government would likely opt for strict regulation instead of an outright ban.

“We met with Parliament’s finance committee about two weeks ago,” Shekhar told CNBC. “The message or the impressions we get from the government is that they are looking for some kind of regulation – strict regulation, but not a complete ban.”

Prime Minister Narendra Modi’s government outlined plans for a new cryptocurrency law on Wednesday, November 23 in a parliamentary bulletin.

Framework for digital currency

A bill is called a bill. The bulletin says the bill is designed “to create a framework to facilitate the creation of the official digital currency to be issued by the Reserve Bank of India.” The bill also seeks to ban all private cryptocurrencies in India, however, it allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses.

Shekhar told CNBC the government relaxed its stance on a total ban after officials asked for comments from crypto exchange operators and other groups.

Indian Finance Minister Nirmala Sitharaman has called on his government to be cautious in efforts to create a national cryptocurrency.

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