Ethereum Debate in the US Congress! Here are Gensler’s Explanations!

SEC Chairman Gary Gensler He spoke before the House of Representatives Financial Services Committee.

The session began with the senators’ introductory speech, Patrick McHenry, chairman of the House Financial Services Committee, presented the SEC and chairman Gensler. cryptocurrencyHe criticized it for not providing enough regulatory clarity on the issues and for choosing to regulate the industry through sanctions.

Here are the highlights of Gensler’s speech:

“You shouldn’t take the 1-SEC rules lightly.

2-The technology that I think has transformed our time is not cryptocurrencies, which we are discussing here today, but artificial intelligence technology.

3-Cryptocurrencies have to comply with the same laws as stock markets.

4-Gensler replenished his usual cryptocurrency stance, saying that the vast majority of crypto assets are securities, so platforms that offer cryptocurrency trading services must comply with commission rules.

5-We have the necessary laws to protect cryptocurrency investors. We are in contact with the stock market and project owners on this issue.”

Gensler answered the committee chair’s question that an asset is open to both a security and a commodity, do you agree with that? “Actually all securities are commodities under the CFTC law. That’s why we exclude commodities.” said.

your president Ethereum (ETH) To his specific question about whether it is a commodity or not, the SEC Chairman could not give a clear answer.

gens Ethereum to the question “I’m answering generally because you don’t want me to talk about any product or condition. “ he left the question unanswered.

Gensler also spoke about the illegality of cryptocurrencies. “For more than 40 years, I’ve been in finance and I’ve never seen such an area that goes against the law written by congress and upheld by the courts.” said.

The chairman of the committee said that there is uncertainty about whether cryptocurrencies are securities or commodities.

Gensler answered this question. “I think the law is clear and unequivocal” gave the answer.

committee chairman “The market doesn’t see it. The purpose of this committee is to resolve this ambiguity and indeed to provide a legal basis.” said.

I’d like to give you extra time to answer a question from a senator’s Committee chair, can you explain how you define something as a security? Reply to Gensler “According to the laws passed by Congress, there are more than 30 requirements for determining whether something is a security, one of which is investment contracts. ”

stablecoins Gensler also spoke about “The most important thing about stablecoins is that they are reliable, stablecoins are currently in active use. We want stablecoins to take place in the ecosystem” said.

When asked by a senator whether you had a close look at FTX before it went bankrupt or had any concerns about it, Gensler said: “Our general concerns about the markets covered that as well.” said.

Gensler described the FTX thing as “When a person standing at the cash register says I’ll take the money, I’ll use it at the weekend, then I’ll put it back” Said it was a similar incident. Genes said in their statement that the cryptocurrency industry experiences this frequently and that investor funds are used against investors.