Gary Gensler explains what to expect from the SEC on US crypto regulations – Bitcoin News Regulatory

The Chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, explained what to expect from the Securities and Exchange Commission regarding crypto regulation. “We also have strong congressional powers to use our exempt powers that we can allocate investor protection,” he explained.

President Gensler highlights SEC’s work on regulating cryptography

SEC President Gary Gensler explained what to expect from his agency regarding US crypto regulation Thursday in an interview with Yahoo Finance Live. He was asked, “What can we expect from the SEC in the coming months on the crypto regulatory front?”

Gensler replied, “More broadly, the public will benefit right now from investor protection around these multiple service providers…exchanges, lending platforms, brokers, and dealers.” The head of the Securities and Exchange Commission explained:

So, we at the SEC, we’re working in each of these three areas — the exchanges, the lending, the brokers — the dealers — and we’re talking to industry participants about how to comply, or modify some of that compliance.

Gensler emphasized that he repeatedly told cryptocurrency exchanges, trading platforms, and lending platforms: “Come and talk to us.”

He explained that the SEC has the authority from Congress to amend some rules to better protect investors, saying:

We have strong congressional powers as well to use our exempt powers that we can assign investor protection.

He noted that the Securities and Exchange Commission could even detail what might be the disclosure of the token itself, adding that perhaps not all of the disclosures about a person’s issuance of shares would apply to cryptocurrency issuers.

See also  European bank shares stop falling, and Russia's Sberbank exits Europe

“The general benefits of knowing full and fair disclosure and that someone is not lying to them… is essential protection,” the SEC chief stressed.

Regarding what to expect from his agency regarding crypto regulation, Gensler also shared:

We are also looking at tokens, stablecoins, and non-stable coins. Separately, we are in discussions with bank regulators and with our friends and colleagues at the CFTC.

“Bitcoin is a non-security token,” he reiterated, adding that with non-security tokens, the SEC will send the information to the CFTC and “cooperate as much as possible.” In June, Gensler said Bitcoin is a commodity But we will not comment on other tokens, including ether (ETH).

The President of the Supreme Education Council in May suggested “one rule book“to regulate cryptocurrencies. He revealed at the time that he was working on a memorandum of understanding with his CFTC counterparts, noting that it would be a formal deal to ensure that trading in digital assets has adequate safeguards and transparency.”

Following the collapse of cryptocurrency Terra (LUNA) and Stablecoin Terrausd (UST), Gensler warned that Many ciphers will fail. He also warned investors of “Too good to be trueCrypto products after crypto lender Celsius Network freezes withdrawals.

Currently, the Securities and Exchange Commission probe in Celsius Because of its decision to freeze the accounts. The crypto company applied to bankruptcy protection last week. Stock regulator is also Investigation Do Kwon Terraform Laboratories and UST.

Tags in this story

Bitcoin is not safeAnd the cipher regulationAnd the Cryptocurrency regulationAnd the Gary GenslerAnd the Gary Gensler’s cipherAnd the Gary Gensler’s coding systemAnd the Non-security tokensAnd the SECAnd the sec cftcAnd the chair againAnd the head againAnd the Encoder regulation per second

What do you think of Securities and Exchange Commission Chairman Gary Gensler’s comments on crypto regulation? Let us know in the comments section below.

Kevin Helms

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

photo credits: Shutterstock, Pixabay, Wiki Commons, Liv Radin

disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, 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 services mentioned in this article.

Leave a Reply

Your email address will not be published.