US Securities and Exchange Commission (SEC) Chairman Gary Gensler did not surprise with his latest statements about the cryptocurrency industry.
Gary Gensler October 25 Wednesday 2023 Securities Enforcement ForumIn his statement in , he again focused on cryptocurrencies. opposite gradually destroyed the industry.
Gensler also said that cryptocurrency companies are subject to the same rules as traditional financial institutions and that many cryptocurrencies are available. under securities laws He also reiterated his opinion that he entered.
by congress 1933 And 1934 The securities law prepared in 2017, such as cryptocurrencies It also includes investment contracts Emphasizing that Gensler made the following statements:
Congress might have said in 1933 or 1934 that the securities laws applied only to stocks and bonds. However, Congress included a long list in the definition of securities, including ‘investment contract’.
Gensler, the bankrupt cryptocurrency exchange FTXcrypto hedge fund Three Arrows Capital (3AC) And Terra (LUNA) To a specific question “These bankruptcies are not surprising” he replied.
Cryptocurrency industry scams, bankruptcies And full of money laundering stories While stating that it is, he also touched upon the hypocrisy in this sector:
Although many organizations in this space claim to operate beyond the reach of regulations issued before Satoshi Nakamoto’s famous white paper, they are also quick to seek the protection of the law in bankruptcy court and by litigating private disputes.