SEC Chairman Gary Gensler’s testimony before the House Financial Services Committee today has been published.
Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC) September 27 at 17.00 CET His statements before the committee were shared with the public. In Gensler’s statement The idea that most cryptocurrencies are securities in line with didn’t step back was seen.
Many cryptocurrencies and cryptocurrency companies is subject to securities laws Gensler insisted that these laws have been in the statute book for decades. of Congress in 1930 security definition “investment agreement” Gensler said that he added the statement that cryptocurrency companies must comply with these laws he emphasized.
Gensler is interested in the cryptocurrency industry and is currently will not comment on ongoing litigation he added to his statements.
Additionally, the cryptocurrency industry is subject to securities laws. with great discord is moving and for this reason the sector many problems throughout He stated that it happened:
Given this industry’s widespread non-compliance with securities laws, it is not surprising that we see many problems in these markets. We’ve seen this story before. It’s reminiscent of what we experienced in the 1920s, before the federal securities laws came into effect.
Reaction expected from McHenry
Although Gensler does not strive to find a middle ground in cryptocurrency discourses, House of Representatives may not remain silent about the incident. Last April, following similar statements by Gensler, the Chairman of the House Financial Services Committee Patrick McHenryThere were harsh reactions from .
McHenry said cryptocurrency companies were left unaware of how they could comply with federal securities laws. While there is no clarity yet He claimed that they were being sued directly. There was also no full answer from Gensler to the President’s question about whether Ethereum was a security.
SEC chairman September 12 In a similar statement he made on , he stated that the cryptocurrency industry is quite prone to abuse. “pretty scary” He described it as.