SEC chairman Gensler discusses how securities laws apply to crypto tokens-will not say whether Ethereum is a security-regulation
SEC chairman Gensler discusses how securities laws apply to crypto tokens-will not say whether Ethereum is a security-regulation
The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, has explained how securities laws are applied to cryptocurrency tokens than he outlines the priorities of the Commission in the regulation of the crypto room. "Our role in the SEC is to ensure that the public continues to receive basic protection," he emphasized.
SEC chairman Gary Gensler for cryptocurrency regulation
The Sec chairman Gary Gensler discussed the regulation of cryptocurrencies and the regulatory agenda 2022 of the agency on Monday at CNBC.
The chairman generally explained: "If you procure money from the public and expect the public to win that is based on the efforts of this promoter, sponsors, this group - this is within the framework of the securities laws, and it is within the framework of the securities laws because congress is painted with a wide brush." He stated:
You want to protect you - the investing public - so that you have adequate information or so -called complete and fair information, and you can protect you from fraud and cheating and the like.
Gensler emphasized that investments that call themselves token are "probably still, possibly a security".
The SEC chairman admitted that new investment opportunities, including crypto tokens and Special Purpose Acquisition Companies (Spacs), are "exciting":
Our role in the SEC is to ensure that the public continues to receive basic protection.
Gensler further explained: "What is old and really important is this basic idea that if you collect money from the public and the public think of profit, you have to give you basic information and everything."
He was also asked to comment on cryptocurrencies to the increase in crowdfunding. The chairman confirmed that he would not comment on a specific project and explained: "Crypto token, as I will call them, collect money from the public, and share the public with the public that will help the public to decide and are? Call our truth in advertising?
"There are thousands of these projects that essentially try to collect money from the public so that they can support an entrepreneurial idea," said the SEC chairman. Gensler emphasized that he supported innovation, but found that "it was about integrating them into the securities laws". He said:
Unfortunately, too many of them try to say: "Well, we are not a security. We are just something else. '
"I think the facts and circumstances indicate that they are investment contracts, they are securities and you should register," Gensler Castle.
He was also asked whether Ethereum was a security, citing the views of the sec xrp as safe in an ongoing process with ripple Managers.
However,Gensler refused to comment on whether Ether is a security. The SEC boss confirmed that he will not respond to a single crypto, and said: "I am the chairman of a five-member commission that is also a civilian law enforcement authority. So we do not participate in public forums, talk about a single project, a possible fact and in this way give legal advice about the ether."
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