Bitcoin News and Finance
Gary Gensler Outlines What to Expect From SEC on US Crypto Regulation Skip to main content

Gary Gensler Outlines What to Expect From SEC on US Crypto Regulation

Gary Gensler Outlines What to Expect From SEC on US Crypto Regulation

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined what to expect from the securities watchdog on crypto regulation. “We do have robust authorities from Congress also to use our exemptive authorities that we can tailor investor protection,” he explained.

Chair Gensler Highlights SEC’s Work on Crypto Regulation

SEC Chairman Gary Gensler outlined what to expect from his agency on U.S. 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 right now would benefit from investor protection around these various service providers … the exchanges, the lending platforms, and the broker-dealers.” The SEC chief elaborated:

So, we at the SEC, are working in each of those three fields — exchanges, lending, and the broker-dealers — and talking to industry participants about how to come into compliance, or modify some of that compliance.

Gensler stressed he has repeatedly told crypto exchanges, trading platforms, and lending platforms: “Come in, talk to us.”

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

We do have robust authorities from Congress also to use our exemptive authorities that we can tailor investor protection.

He noted that the securities watchdog can even tailor what the disclosures might be for tokens themselves, adding that perhaps not all disclosures for someone issuing equities apply to crypto issuers.

“The public benefits by knowing full and fair disclosure and that somebody is not lying to them … basic protection,” the SEC boss emphasized.

Regarding what to expect from his agency on crypto regulation, Gensler further shared:

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

He reiterated that “Bitcoin is a non-security token,” adding that with non-security tokens, the SEC will send information to the Commodity Futures Trading Commission (CFTC) and “collaborate as best we can.” In June, Gensler said bitcoin is a commodity but would not comment on other crypto tokens, including ether (ETH).

The SEC chair proposed in May “one rule book” for the regulation of crypto tokens. He revealed at the time that he is working on a memorandum of understanding with his counterparts at the CFTC, 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 crypto tokens will fail. He also cautioned investors about “too good to be true” crypto products after crypto lender Celsius Network froze withdrawals.

The SEC is currently probing Celsius over its decision to freeze accounts. The crypto firm filed for bankruptcy protection last week. The securities regulator is also investigating Do Kwon’s Terraform Labs and UST.

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

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory