2023-11-11 08:09:43
“There is nothing in crypto that is inconsistent with the securities laws… There are just a bunch of players around the world who are currently not complying with these time-honored laws,” the SEC chairman said. US Securities and Exchange Commission (SEC) Chairman Gary Gensler spoke about crypto regulation in an interview with CNBC on the sidelines of DC Fintech Week on Wednesday. Gensler emphasized that existing securities laws are very strong and sufficient to regulate the crypto industry, noting that the SEC simply needs to enforce them. It appears that Gary Gensler still refuses to understand the why of cryptocurrencies and is adamant that cryptos are equal to securities. According to Gensler, the key for anyone who wants to operate in the crypto industry is to do it “within the law.” He advised crypto trading platforms to “build investor confidence” in what they are doing and ensure that they are not trading against their customers. , and do not use users’ crypto assets for their own purposes. Gensler’s Opinion on FTX Regarding FTX, he said that the collapsed crypto exchange can be revived under new management, provided that the laws are fully followed. Gensler emphasized: “We would never allow the New York Stock Exchange to operate a hedge fund and trade against its members or market clients.” Referring to Tom Farly, the former chairman of the New York Stock Exchange who recently launched his own digital asset exchange, Gensler said: “If Tom or anyone else wanted to be in this space, I would say, ‘Do it, only within the framework of the law.’ .” The SEC chairman further stated: “Think about how many actors in this space are currently not complying with international sanctions and money laundering laws and are using crypto for nefarious or bad deeds. If it’s a fraud, why would we want them in our markets?” Last month, Gensler warned that crypto businesses defrauding investors should start complying with securities laws. He recently explained that the SEC is taking a litigation-laden approach to regulating the crypto industry, as it is rife with fraud, abuse and malpractice.
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