Gary Gensler Asks SEC Staff to Fine-Tune Crypto Compliance — Says ‘Vast Majority Are Securities’ – Regulation Bitcoin News

US Securities and Exchange Commission (SEC) Chairman Gary Gensler revealed that he has asked staff at the SEC to refine compliance for crypto tokens and intermediaries. He emphasized that the majority of crypto tokens are securities.

SEC Chairman Gary Gensler on Crypto Regulation

Gary Gensler, chairman of the United States Securities and Exchange Commission (SEC), spoke about crypto regulation and compliance at the Institute of Law Practice’s SEC Speaks conference on Thursday.

Noting that the core principles of the SEC regulation apply to all securities markets, including securities and intermediaries in the cryptocurrency market, he stated:

Of the nearly 10,000 tokens on the crypto market, I believe the majority are securities. This offering and sale of thousands of crypto security tokens is subject to securities laws.

Gensler acknowledges that some crypto tokens may not meet the definition of a security. “These are likely to represent only a small number of tokens, although they may represent a significant portion of the aggregate value of the crypto market,” he said.

For example, he previously pointed out that bitcoin, the largest cryptocurrency by market cap, is goodsand is in the sights of the Commodity Futures Trading Commission (CFTC).

The SEC chairman described bitcoin in his Thursday speech:

Bitcoin, the first cryptocurrency token, is what some call ‘digital gold’: trades like a precious metal, a speculative store of value, scarce – but digital.

Gensler pointed out that some in the crypto industry have called for more “guideline” towards crypto assets. He emphasized that over the past five years, the Commission “has spoken with a fairly clear voice here: through the DAO Report, the Munchee Order, and dozens of Enforcement actions, all of which were voted on by the Committee. “

Emphasizing the need for investor protection, the SEC boss said:

I have asked SEC staff to work directly with entrepreneurs to register and manage their tokens, as appropriate, as securities.

He noted that “A handful of crypto security tokens have been registered under the existing regime.” However, he acknowledged that given the nature of crypto investments, “there can be some flexibility in applying current disclosure requirements.”

As for crypto intermediaries, Gensler detailed: “I have asked the staff to work with the intermediaries to ensure they register each of their functions – exchange, broker-dealer, function. surveillance, and the like.”

He concluded: “I look forward to working with crypto projects and intermediaries to comply with the law. I also look forward to working with Congress on various legislative initiatives while maintaining the strong authorities we currently have.”

Gensler revealed:

I asked staff to review using our regulatory toolkit so that they can fine-tune compliance for crypto intermediaries and security tokens.

On Friday, the SEC revealed plans to set up a dedicated office to review records related to crypto assets.

What do you think of SEC Chairman Gary Gensler’s comments? Let us know in the comments section below.

Kevin Helms

An Austrian Economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This newspaper only gives true information. It is not a direct offer or solicitation to buy or sell, or a recommendation or endorsement for any product, service or company. does not provide investment, tax, legal or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or materials. goods or services mentioned in this article.

Source link


Kig News: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button