No amount of pressure will make Gary Gensler back down : whether it comes from the crypto community or from pro-crypto elected officials in the American Congress. The proof ? Yesterday he said that cryptocurrency companies and those from traditional finance (TradFi) must be put on the same equal footing. In addition, the board is black for the emerging industry. Big plan !
Gary Gensler takes on cryptocurrencies again
The chairman of the United States Securities and Exchange Commission is not one to be shy when it comes to regulation of cryptocurrencies. It is normal that his institution pursues an aggressive policy against crypto giants like Kraken, Binance, Ripple, Coinbase…
Sometimes, Gensler gets picked on by American elected officials during his routine appearances before the Senate or the US Congress. For example, on September 27, when senators criticized this method for regulating cryptocurrencies, the president of the SEC defended his position tooth and nail. No question of granting any form of preferential treatment to this industry.
“ Now: Gary Gensler says the cryptocurrency space is ‘…riddled with fraud, scams, bankruptcies and money laundering’ – in prepared remarks at the 2023 Securities Enforcement Forum. »
In a recent publication, The Block provided a brief summary of Gary Gensler’s remarks at the 2023 Securities Enforcement Forum. On this occasion, the president of the SEC, a profile that Binance would have liked to have at its side, stressed thathe has not changed his position regarding cryptocurrencies. In his eyes, his assets will have to be subject to existing laws on securities, regardless of the opinion of players in the crypto sector.
TradFi is governed by the same laws, why should the SEC make an exception with crypto?
“ There is nothing in the crypto-asset securities markets that suggests that investors and issuers are any less deserving of the protections of our securities laws. Congress could have said in 1933 or 1934 that the securities laws applied only to stocks and bonds. Yet Congress has included a long list of elements in the definition of a security, including the ‘investment contract’ “, remarked Gary Gensler.
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