SEC chairman reiterates stance, requires crypto exchanges to register

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2022-07-29 13:15:58

US Securities and Exchange Commission (SEC) Chairman Gary Gensler continue to have moves related to the crypto industry.

SEC chairman reiterates stance, requires crypto exchanges to register

During this time, Chairman Gensler reiterated his stance and issued a notice requiring cryptocurrency trading platforms to register with the agency.

In a video posted last night, the SEC chairman said that cryptocurrency exchanges are a threat to the safety of consumers. He asked committee officials to work with these platforms in an effort to regulate them like stock exchanges. He also noted that the SEC is in the process of reviewing some coins as securities.

Gensler further asserted that there is no reason to treat the crypto market differently because of a new technology. He further suggested in his tweet:

“We have rules in place in our capital markets to protect market integrity and fight fraud and manipulation. If a company builds a crypto market that protects investors and meets our regulatory standards, there is a good chance that the platform will be more trusted by people.”

Last month, after the US crypto bipartisan bill was finally announced, Gensler raised concerns about the pro-crypto nature of the regulatory framework and stated that it would be detrimental to the market as a whole. current $100 trillion capital market. The new bill reassigns supervision of the spot and futures cryptocurrency markets to the Commodity Futures Trading Commission (CFTC), which was soon criticized by Gensler.

He disgruntled with the bill:

“We don’t want to undermine the protections that are in place in the current capital markets with the stroke of a pen. I also want to be non-compliant. I also want to stay out of the regime, which I think has been a pretty big boon for investors and economic growth over the past 90 years.”

Gensler went on to restate his popular securities argument that the majority of crypto coins/tokens fall under securities law, despite repeatedly asserting that Bitcoin is out of range. While the SEC is not looking to expand its jurisdiction, these tokens are still widely available and the public is hoping for a better future. It is a characteristic of an investment contract or in other words a type of security.

However, in April the SEC revealed that it would be working with the CFTC in an effort to “deter” the crypto market more aggressively. Despite criticism from US lawmakers, the SEC is determined to scale up its crippling crypto industry supervisory force. The most recent is the lawsuit “whistleblowing” 9 cryptocurrencies are securities that the SEC gave Coinbase last week.

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