The market was focused on the SEC chairman’s speech today. Everyone is waiting for the details of this conversation. Here are the details from the SEC Chairman’s statements.
Statements by SEC Chairman – Wild West analogy for the cryptocurrency industry
SEC Chairman Gary Gensler likened the cryptocurrency industry to the Wild West in a statement. Accordingly, he emphasizes that due to the lack of regulations in the crypto sector, investors see that they risk their hard-earned assets with other speculative assets. Gensler also states that rapid technological developments in financial markets are leading to abuses in the crypto space and other emerging new fields. He underlines that new resources are needed to prevent these.
Gensler states that with additional resources, they can reduce security risks in crypto markets. On the other hand, he underlines that they can strengthen the protection capability of our institution by increasing the durability of critical technical infrastructure. Gensler also said, “If you’re collecting money from someone, it falls under the securities laws. These are laws that were written in the 1930s,” he emphasizes.
Number of tokens and reactions to the President’s comments
Gensler emphasizes the token sale, stating that there are between 15,000 and 20,000 tokens. He states that most of them are in the status of investment contracts. He states that the CFTC, of which he was also the term chairman, does not have such an authority.
Two members of the US House of Representatives, Representatives French Hill and Dusty Johnson, made the statement today. They voiced their concerns about the approach adopted by SEC Chairman Gary Gensler in regulating digital assets. They told Gensler not to rely solely on enforcement actions to address issues in the digital asset sector. Instead, they emphasized the need for more effective legislation.
Representatives Hill and Johnson urged the SEC to consider a legal framework that goes beyond sanctions actions. They drew attention to the importance of digital asset companies operating within regulatory parameters. They also stressed the importance of establishing a comprehensive process for them to comply with consumer protections. Such a framework offers more proactive measures rather than reactive implementation. On the other hand, it will help prevent future collapses of digital asset companies.
A Closer Look at the CFTC’s Role
Meanwhile, cryptocoin.com Looking back, lawmakers in the House of Representatives Financial Services Committee are investigating a draft bill that aims to clarify the role of the Commodity Futures Trading Commission (CFTC) in the cryptocurrency industry. The bill has not yet been officially introduced. However, it may undergo revision based on feedback from various stakeholders. Let’s underline that Gensler is harsh when we look at the tone of the statements.
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