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US Securities and Exchange Commission (SEC) Chairman, Gary Gensler, made mention of crypto regulation and compliance at the Practising Law Institute’s SEC Speaks conference on September 8.
Asserting that his organization’s core principles apply to every securities market, including securities and intermediaries in the crypto market, Gensler noted:
“Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities. Offers and sales of these thousands of crypto security tokens are covered under the securities laws.”
Gary Gensler Admits Some Cryptos are not Securities
The SEC boss admitted that some crypto tokens do fall into the “securities” definition. He explained: “These likely represent only a small number of tokens, even though they may represent a significant portion of the crypto market’s aggregate value.”
As an example, Gensler previously noted that Bitcoin, the largest cryptocurrency based on market capitalization, is a commodity and that it falls under the supervision of the Commodity Futures Trading Commission (CFTC).
Describing Bitcoin at his speech during the event, the government official noted:
“Bitcoin, the first crypto token, is referred to by some as ‘digital gold’: trading like a precious metal, a speculative, scarce — yet digital — store of value.”
Gensler highlighted that some members of the cryptocurrency industry have called for greater “guidance” with crypto assets. He narrated that for the past half-decade, the SEC “has spoken with a pretty clear voice here: through the DAO Report, the Munchee Order, and dozens of Enforcement actions, all voted on by the Commission.”
The SEC Chairman also emphasized the unshakable need for investor protection, noting:
“I’ve asked the SEC staff to work directly with entrepreneurs to get their tokens registered and regulated, where appropriate, as securities.”
He added: “A handful of crypto security tokens have registered under the existing regime.”
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