SEC Chairman Gary Gensler, who defines the crypto money market as the “wild west” due to its security shortcomings, answered the questions of US Senator Toomey about the classification of cryptocurrencies. Questions addressed to the gens focused on how cryptocurrencies can be classified as securities. SEC Chair reaffirms “more regulatory framework” stance.
Gary Gensler classifies cryptocurrencies
The former MIT professor said on Dec. 3 that he would adhere to the Howey and Reeves tests that have been in place since taking office. However, Gensler noted that the Commission would not be clear on classification as laws and cases set wide parameters. According to the head of the SEC, the Commission is not required to determine whether cryptocurrencies are securities. Asked by US Senator Toomey’s second question, how cryptocurrencies are divided into securities and commodities, Gensler replied, “Whether any financial instrument is offered or sold as security depends on certain facts and circumstances.” Toomey continued with…
Toomey responded to Gensler’s response with the words, “Congress needs to take action because President Gensler is undecided.” Later, the head of the SEC agreed with this statement and said that Congress needed more regulatory framework regarding cryptocurrencies.
cryptocoin.com You can take a look at SEC Chairman Gary Gensler’s statements about cryptocurrencies, which he described as “gambling”, here. Apart from these, Gensler is known for his affinity for cryptocurrencies and Blockchain technology and served as a professor at MIT Sloan School of Management. Currently, President Joe Biden serves as the commission’s 33rd SEC chair.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.