SEC Chairman Gary Gensler praised the SEC’s work and actions in court regarding cryptocurrency cases. Gensler also lashed out at crypto exchanges for encouraging fraud. Meanwhile, the SEC Chairman did not comment on the agency’s plans for spot Ethereum ETFs.
Gary Gensler insists: Most cryptocurrencies are securities!
cryptokoin.comAs you follow from , all eyes are on the SEC regarding the spot Ethereum ETF. Amid the curious wait, SEC Chairman Gary Gensler made some statements about cryptocurrencies. The political winds in Washington, D.C. shifted dramatically this week. This gave life to the possibility of spot Ethereum ETFs gaining approval. However, this does not seem to have affected Gensler’s stance on cryptocurrency much. In his public speech, Gensler confirmed his view that most cryptocurrencies are securities. Gensler’s comments come as many expect approval for spot Ethereum ETFs to come later in the day. Gensler warned about crypto and made the following statements:
There are 15,000 or 20,000 tokens in this space. These are not traded as currency. Without prejudice against anyone [bunların] They usually have a group of entrepreneurs and the public looks at their white papers, looks at their websites, looks at these groups of entrepreneurs and invests based on these groups of entrepreneurs. So this fits the classic Supreme Court test of what a security is.
A question was also posed to the SEC Chairman regarding the SEC’s ability to regulate the crypto space. “Not every crypto token is a security… But again, without prejudice, I believe most of them are,” Gensler added.
SEC also opposed Another FIT21, but the law passed!
Earlier this week, Gary Gensler denounced FIT21 (Financial Innovation and Technology Act for the 21st Century). He said the law undermines the classification of cryptocurrency assets as investment contracts. Therefore, he argued, this law removes cryptocurrencies from the SEC’s oversight. On Wednesday, the House of Representatives passed FIT21 by a vote of 279 to 136. Meanwhile, although the White House said it opposed the bill, it did not indicate that it would veto it.
Gensler doubling down on his belief that most cryptocurrencies are securities means the market expects spot Ethereum ETFs to be approved on Thursday, which will be considered a big win for crypto advocates. There have been rumors since the beginning of the week that both Republican and Democratic lawmakers and President Joe Biden’s administration are aware of how important the crypto issue could be to American voters ahead of the upcoming election. This information apparently leads to the possibility of approval of both the new policy and Ethereum ETFs.
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