Fun

SEC Chairman Says Crypto Should Be Treated Same as Other Capital Markets

News Feed - 2022-08-24 09:08:03

SEC Chairman Says Crypto Should Be Treated Same as Other Capital Markets


SEC Chairman Gary Gensler says that there is no need to treat the crypto market differently from other capital markets. Noting that “the SEC will serve as the cop on the beat,” Gensler encouraged crypto trading and lending platforms “to come in and talk to SEC staff.” SEC Chairman Gensler on Crypto Regulation


The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, authored an opinion piece published in the Wall Street Journal Friday on how crypto assets should be regulated. He described: There’s no reason to treat the crypto market differently from the rest of the capital markets just because it uses a different technology.


“Recent market events show why it is critical that crypto firms comply with securities laws,” Gensler explained. “In recent months, some crypto lending platforms have frozen their investors’ accounts or gone bankrupt. When it comes to bankruptcy, these investors have to get in line at the court.”


The SEC chief stressed that no matter what the financial product is, whether it is an app, a lending platform, a crypto exchange, or a decentralized finance (defi) platform: Across decades of cases, the Supreme Court has made clear that the economic realities of a product — not the labels — determine whether it is a security under the securities laws.


While acknowledging that “There are costs of complying with securities laws, just as there are costs to car makers of adding seat belts,” the SEC chairman pointed out that “there is a path forward.”


Gensler then reiterated that he encourages crypto trading and lending platforms “to come in and talk to SEC staff,” emphasizing that “Getting these platforms into compliance with the securities laws will benefit investors and the crypto market.” The SEC chief concluded: In the meantime, the SEC will serve as the cop on the beat. As with seat belts in cars, we need to ensure that investor protections come standard in the crypto market.


Gensler recently outlined what to expect from the SEC on crypto regulation. He has been heavily criticized for taking an enforcement-centric approach to regulating the crypto market. The SEC boss also said that while bitcoin is a commodity, most crypto tokens have attributes of securities, warning that a lot of them will fail. Tags in this story gary gensler bitcoin, gary gensler crypto, gary gensler cryptocurrency, SEC chair crypto, SEC chairman crypto, sec crypto


What do you think about the comments by SEC Chairman Gary Gensler? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, 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 between economics and cryptography. Bitstamp Sees "Massive Crypto Interest" From Institutional Clients REGULATION | 6 hours ago Australia to Stocktake Crypto Holdings Ahead of Regulation REGULATION | 19 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBlockchain.com Inks Multi-Year Deal With Dallas Cowboys Star Quarterback Dak Prescott Next articleBitstamp Sees ‘Massive Crypto Interest’ From Institutional Clients 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. Bitcoin.com 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 services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

Ethereum Oversold? Researcher Predicts Speculative Surge Could Spark Market Revival
Este artículo también está disponible en español. Ethereum has had a rough year, but recent insights from industry insiders indicate a possible comeback. Matthew Sigel, V
Dogwifhat jumps 16% — WIF price eyes more gains as Solana ETF hype grows
Yashu Gola11 hours agoDogwifhat jumps 16% — WIF price eyes more gains as Solana ETF hype growsWIF has entered the breakout stage of its prevailing BARR Bottom pattern, with Solana ETF hype furthering the memecoin’s u
Ethereum Transfer Fees Drop From Recent Highs, L2 ETH Solutions Between 46-97% Cheaper
Ethereum Transfer Fees Drop From Recent Highs, L2 ETH Solutions Between 46-97% Cheaper At the end of August, Ethereum network gas costs skyrocketed and tapped a high of $59 per tra
OFAC’s Tornado Cash Ban Causes Github Suspensions and the Blacklisting of Crypto Addresses Holding $437M
OFAC"s Tornado Cash Ban Causes Github Suspensions and the Blacklisting of Crypto Addresses Holding $437M On August 8, the ethereum mixing service Tornado Cash, and all the crypto a
NoVa Battles Rocked the 2022 Dubai Crypto Expo
NoVa Battles Rocked the 2022 Dubai Crypto Expo press release PRESS RELEASE.At the Dubai Crypto Expo that happened between March 16 and 17, 2022, the NoVa Battles team led by CEO Luc
Ethereum gas fees rose 498% in two weeks as network activity surged — Report
Nancy Lubale3 hours agoEthereum gas fees rose 498% in two weeks as network activity surged — ReportAn uptick in Ethereum network activity was accompanied by a 498% rise in ETH gas fees. Will Ether price respond?525 Tot
XRP Sell-Off Rumors Swirl After Expert Questions Ripple’s War Chest
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Gamefi-Focused Oasys Blockchain Launches Mainnet With Support of Sega, Ubisoft, and Bandai Namco
Gamefi-Focused Oasys Blockchain Launches Mainnet With Support of Sega, Ubisoft, and Bandai Namco Oasys, a Web3, EVM-compatible, gamefi-focused blockchain project, launched the firs
Jointer.io Matches Binance & CZ’s $100 Million Challenge With Early Adopter Fund
Jointer.io Matches Binance & CZ’s $100 Million Challenge With Early Adopter Fund PRESS RELEASE. Changpeng Zhao (CZ) sent shockwaves across the crypto industry
Zhiyuan Sun8 hours agoBinance freezes Hamas-linked accounts after Israeli requestThe freeze does not affect Binance accounts owned by ordinary Palestinian civilians.4962 Total views25 Total sharesListen to article 0:00Ne
Accounting Firm PWC’s Hong Kong Branch Purchases Land in The Sandbox Metaverse
Accounting Firm PWC"s Hong Kong Branch Purchases Land in The Sandbox Metaverse On Thursday, Pricewaterhouse Coopers’ (PWC) Hong Kong unit announced that it purchased a land
Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong
Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong One of China’s leading insurers has backed the establishment of two crypto investment funds in Hong Kong. The bus