Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), has officially lashed out at cryptocurrencies and stock markets.
SEC Chairman Gary Gensler made many statements about cryptocurrencies and stock markets in his speech on June 8 at the Piper Sandler Global Stock Exchange and FinTech Conference in New York. In the media lately quite often locator “There is no way for cryptocurrency companies to register with the SEC” of the allegations does not reflect reality As the SEC, these companies have previously that they guide stated.
They may have taken the risk of sanctions economically.
Gensler, cryptocurrency market of the actors social media or mainstream media through tools their behavior that it is illegal fair from a notification devoid of to develop discourses about their abandonment disbelief stated that it should. At this point, the president job cost aspect risk of sanctions dared that they can suggested.
He also stated that Coinbase has mixed the roles of exchange, broker and clearing house. before him Speech by Coinbase CEO Brian Armstrong He made the following statements about:
If one of your previous speakers had said that they were combining these functions or secretly trading against their customers without following the rules, no one in this room would have admitted it.
Cryptocurrency companies it is impossible to register to your opinion that you did not attend Underlining Gensler, the recording work required, but still reasonable stated that.
At this point, the President to cooperation about meeting they did but did not get results the allegations that “a series of meeting appointments where they were reluctant to make the necessary changes” replied with expressions.
Binance manipulates the market
On the other hand, Binance on purpose laws you chew claiming that the president of the stock market on this issue proof can be presented as to internal correspondence He said he has. Gensler also held client assets of the exchange’s CEO, Changpeng Zhao (CZ). personal interests for that you are using and its customers on the protection of assets you mislead He claimed. Binance’s market he manipulated at the president claims was among.
before FTX And later many institutions themselves led to bankruptcy and countless investors on this way damage Gensler, stating that the current situation 1920 in the years securities laws without leaving previous times that you remind stating that the market cheat, cheat And with hawkers He claimed it was full.
of the SEC compatibility on the subject your determination emphasized to other companies with the following words:
If you don’t comply, you can expect a lawsuit.
Just because you don’t like the rules doesn’t mean they aren’t clear.
Discourses that the crypto money industry needs additional regulation and regulatory clarity far from reality Claiming that he is the president, the current laws are already in the crypto money markets. available in the past that descriptions said what they did. Gensler made the following statements on the subject:
We have issued a recurring statement on the applicability of current rules to platforms that trade crypto-asset securities, including decentralized finance (DeFi) systems. That’s what the law is. Disliking rules or roles cannot be expressed as a lack of clarity.
Genes also regulatory clarity one of the subject there is no necessity While implying that crypto money companies compatibility How they will provide completely have to know stated that they were.
On the definition of securities of cryptocurrencies, Gensler advises the investors of companies operating in this field. they benefit the definition of security by hiding behind the pretext that they cannot refuse replied by stating. President of the United States country of law and that companies do not comply with the rules can’t make excuses expressed.
Investors purchasing these assets based on the efforts of the developers One with profit forecast Gensler, who suggested that he made an investment decision, additional utilities cryptocurrencies, which are securities, are excluded from this definition. won’t take it out added to the comments.
At this point, the president commentary down own network in for private use These issued tokens may be exempted from the definition note dropped.
Minister market structure recommended for regulations about 20,000 comment letters stated that it was received. However, Gensler argues that the regulations to the implementation related definite One to give time refused.