Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), made some comments about the regulation of the cryptocurrency industry at a seminar hosted by the University of Pennsylvania Carey Law School.
Gensler began his speech by making clarifications on the duty of the Commission, noting that “the SEC’s remit is overseeing the capital markets.” He explained that the SEC has a “three-part mission: protecting investors, facilitating capital formation, and maintaining fair, orderly, and efficient markets.”
Asserting that the Commission is concerned with regulating crypto trading platforms, stablecoins, and crypto tokens itself, the chairman stressed:
“There’s no reason to treat the crypto market differently just because different technology is used. We should be technology-neutral.”
SEC Chairman Reveals Plans to Work with CFTC
Gensler also revealed: “I’ve asked staff to consider how best to register and regulate platforms where the trading of securities and non-securities is intertwined,” elaborating:
“In particular, I’ve asked staff to work with the Commodity Futures Trading Commission (CFTC) on how we jointly might address such platforms that might trade both crypto-based security tokens and some commodity tokens, using our respective authorities.”
The SEC Chair argued that more regulations are needed in the crypto space, especially in trading platforms, explaining that retail traders are too exposed to fraudulent activities and market manipulation. Gensler explained: “My predecessor Jay Clayton said it, and I will reiterate it: Without prejudging anyone token, most crypto tokens are investment contracts under the Howey Test.”
Meanwhile, US Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) recently revealed a joint plan to legislate a cryptocurrency regulatory framework for authorities. The framework shares regulatory domains between the SEC and CFTC (Commodities Futures Trading Commission).
Senator Lummis explained that the CFTC has a more important role in cryptocurrency regulation per the framework, explaining: “When you look at bitcoin and ethereum in particular, it’s pretty clear to me those are commodities.”
You can purchase Lucky Block here. Buy LBlock
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.