SEC Chairman Gary Gensler Discusses Crypto Regulation with Bloomberg
In an interview with Bloomberg this week, Chairman of the SEC, Gary Gensler talked about cryptocurrency regulation and the agency’s agenda.
“We do have a broad agenda and crypto is part of that agenda,” Gensler confirmed.
Commenting specifically on crypto regulation, the SEC boss affirmed that
“The agency is really just looking out for investors,” Gensler said, adding that “many of these tokens have the attributes of securities.” “They are raising money from the public, and the public is anticipating profits based on the efforts of others,” he continued.
Gensler said:
“We brought a number of actions. We’re trying to work with various crypto platforms, exchanges, lending platforms … to get investor protection for the public.
If you are a platform and you have 75, or a hundred, or 5,000 tokens on the platform, the possibilities are that a number of them, and maybe many of them, are what’s called a security.”
In the interview, Gensler confirmed crypto is one of the top priorities at the SEC. He explained:
“The SEC is going to try to pursue investor protection and if that means bringing greater enforcement actions, then we’ll do that. But it would be better to have these platforms come in, work with us, and come under the securities law.”
Admitting that crypto platforms do not operate like traditional exchanges, the SEC chairman stressed:
“The laws are pretty clear as laid out in the 1930s, and we have an ability to work with these exchanges using various authorities to tailor some of the existing rules for the crypto industry.”
Gensler reiterated his view that crypto regulation is not just a matter of the SEC and that Congress also has a role to play, nevertheless adding that “unless Congress said otherwise, we have to ensure there’s investor protection in this space.” He concluded:
We are going to work with the Commodity Futures Trading Commission (CFTC) where there are some commodity tokens. While many of these are securities, some may be under their remit. We work together as two federal agencies.
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Source: igaming
