Investors and markets are following SEC Chairman Gary Gensler’s statement today as Bitcoin attempts to maintain the $26,000 level.
Because the SEC Chairman will testify before the House of Representatives Financial Services Committee today at 17:00 ET.
Gensler, who made his first speech in front of the US banking committee after Ripple’s victory against the SEC, does not give up the view that the majority of cryptocurrencies are securities.
According to the text of the speech presented to the committee, Gensler will say the following:
“As I said before, without prejudging any particular token, the vast majority of cryptocurrencies meet securities requirements.
Given that most crypto tokens are subject to securities laws, it becomes clear that most crypto instruments must also comply with securities laws.
Securities laws have been around and enforced for a very long time. At this point, there appears to be a wide-ranging incompatibility between the cryptocurrency industry and securities laws.
Given this incompatibility, it is not surprising that we encounter many problems in the cryptocurrency markets.
We’ve seen this happen before. This situation is reminiscent of what we experienced in the 1920s before the federal securities laws were enacted.
“That is why we have filed a series of enforcement actions, some of which have been resolved and some of which are in litigation, to hold wrongdoers accountable and promote investor protection.”
In his published statement, the SEC chairman referred to the lawsuits he filed against Binance and Coinbase, which are closely followed by the industry, and said, “While I am happy to discuss the SEC’s work, I will not be able to comment on any active and ongoing litigation.” said.
While there is nothing new in this statement of the SEC chairman, it seems that he will face criticism from Patrick McHenry, Chairman of the House Financial Services Committee, for his approach to regulating the crypto sector.
