Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), made statements about cryptocurrencies in the budget request before the Senate.
President Gary Gensler 19 July In his speech before the U.S. Senate Appropriations Committee on new staff And technological to meet their needs year 2023 to the budget 493 million dollar additional allowance demanded its allocation.
Gensler’s demand is demanding investor protection in many markets alongside the growing cryptocurrency market. to provide on behalf of the SEC expanding was based on the necessary defence. at this point cryptocurrency market In particular, he made the following statements:
We’ve seen the wild west of the mismatched cryptocurrency markets, where investors risk their hard-won assets in a highly speculative asset class.
While Gensler continues his comments on the cryptocurrency market, the market 15 with 20 thousand between token exist and that they big part of has security status expressed. In addition, in this context, a second important regulator of the sector, US Commodity Futures Trading Commission (CFTC) supervisory authority that there is no expressed by Gensler, Bitcoin (BTC) and some your tokens He added that there are no securities.
In this regard, the appropriations requested 109 million your dollar additional staff to meet your needs 393 million the dollar portion various technology And cyber security needs specified to be used for
Where was the SEC when FTX went bankrupt?
On the other hand, the desired half a billion In addition to the dollar appropriation request, the SEC’s past failures was also discussed. Senator John Kennedy Gensler, the cryptocurrency exchange that went bankrupt last year FTX about take action why so much about slow He asked how they behaved:
Haven’t you wondered where this guy (former FTX CEO Sam Bankman-Fried) who did everything but buys Mount Rushmore got the money? Where was the SEC at this time?
Gensler answered this question at the corporate headquarters. in the Bahamas take action because time He replied that he had received it.
Partial XRP victory chases Gensler
Gensler’s examination continued after the committee exit. Chairman at the exit of the committee members of the press last week Ripple (XRP)-SEC taken in the case to decisions faced with questions.
Accordingly, the decision to appeal any indication as to whether not commenting Gensler is used to determine whether an asset is a security. Howey’s test generally to institutional investors relates to sales made, but to a lesser extent with individual sales and that the decision in this context to review reported that they are continuing.
The decision in the case will affect the SEC’s cryptocurrency sector. to prevent the control approach When it was stated that it was interpreted as a move towards won’t comment told.