The Securities and Exchange Commission (SEC) has modernized its filing fee system, and more crypto regulation is underway

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The Securities and Exchange Commission (SEC) of the United States has announced that it is updating its filing fee disclosure and payment methods to a new system that will require operating companies and investment companies, including crypto firms and exchanges, to “pay filing fees when engaging in certain transactions.”

The modifications will also include new alternatives for Automated Clearing House (ACH) and debit and credit card payment of filing costs, according to the SEC‘s official news release on the subject. This means that crypto companies that interact with and provide these activities may face increased fees, resulting in greater servicing costs for consumers and average crypto users.

“The Commission voted unanimously to modernize how filing fees are reported, calculated, and paid. I am pleased to support this final rule. These updates, which will be phased in over the coming years, will make the filing process faster, less expensive, and more efficient for SEC staff and market participants.” shared SEC Chair Gary Gensler. 

Payment technology companies like PayPal, Mastercard, and now even Stripe are looking into blockchain technology for usage on their payment platforms, according to CryptoDaily. The SEC‘s decision to modernize its payment mechanisms for files demonstrates how governments attempt to catch up with crypto, enacting laws on a rapidly emerging technology that has proven tough to oversee.

Commissioner Hester Peirce of the Securities and Exchange Commission stated at the Texas Blockchain Summit:

“Because crypto is built on code, the code itself serves as a governor of conduct.  But crypto is built on people too, and these people hold each other accountable not only through unbridled public discourse, but through using or not using a protocol.”

This new approach will greatly influence crypto enterprises since it will entail stricter regulatory scrutiny on registered securities offerings, tender offers, and mergers and acquisitions. As the crypto business evolves and expands, more and more enterprises and autonomous organizations are forming partnerships to connect the space’s capabilities and services. Thanks to the SEC‘s new change to its filing fee disclosure and payment methods, Stricter regulatory control of financial technology and crypto enterprises is on the horizon.

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