Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), attracted attention with the statements he made about cryptocurrencies in front of Congress.
SEC Chairman Gary Gensler September 27 at 17.00 CET He testified before the House Financial Services Committee. Gensler on cryptocurrency regulations his insistent attitude While continuing, some MPs harsh reactions took.
Most cryptocurrencies and crypto firms have federal is subject to securities laws The president reiterated that the sector is generally not compatible and full of conflict He stated that it was. However, it did not clarify which cryptocurrencies were securities and how the regulations would proceed.
Shortly before Republican And Democrat by MPs spot Bitcoin exchange-traded fund (ETF) Gensler, who was cornered regarding his applications, gave evasive answers to similar questions in this session as well. under evaluation He claimed that it was.
“Bitcoin is not a security!”
Chairman of the House Financial Services Committee Patrick McHenry clearly and directly to Gensler, “Is Bitcoin a security or not? “I want the answer to this question now.” When I insisted, Gensler responded with the statement he made in the past. consistent He made a statement. before too All cryptocurrencies except Bitcoin are securities. The president reiterated these ideas.
Gensler stated that he had this idea according to the Howey test, which is used to understand whether an asset is a security or not.
Open threat to Gary Gensler
McHenry made a statement that echoes a letter recently sent to Gensler by a group of lawmakers. Requires the SEC to comply with congressional orders invited. Emphasizing that Congress is an organ of the state at least as much as the SEC, Patrick McHenry said that if Gensler continues to remain indifferent to these calls, will apply for subpoena He made a harsh threat by saying:
Either we find a way where the SEC recognizes Congress as a co-equal branch of government and responds to our oversight duties, or my only option will be to issue a subpoena.
Gensler simply stated that they have great respect for the congress against these statements and that the investigation process continues.
Another support for McHenry’s tough stance is the MP Tom EmmerIt came from. Emmer, Gensler By not having an impartial regulatory approach While accusing him, he argued that the approach to cryptocurrency regulation was based on a policy of harassment.
Gensler used the Americans to show himself strong. You ignore financial opportunitiesThe MP emphasized that members of congress received his support.
Is the Pokemon card also a security?
One of the most striking moments of the session was Democrat deputy Ritchie Torres directed by pokemon card was the question. Torres, a tokenized Pokemon card He expressed whether it would be considered a security when he purchased it with the following statements:
If I purchased a tokenized Pokemon card on a digital exchange via blockchain, would that be a securities transaction?
President Gensler, who preferred to give an evasive answer to this question, said that although this was a securities transaction. it won’t happen even though he pronounces More detail and research is needed he stated.