Chairman SEC Gary Gensler will support the granting by the US Congress of additional powers to regulate the cryptocurrency market to the Commodity Futures Trading Commission (CFTC).
During speeches At the Institute of Practical Law, an official noted:
“I believe that out of almost 10,000 tokens on the crypto market, the vast majority are securities. Offers and sales of these assets are subject to the relevant laws.”
These coins, as well as the intermediaries that offer them, are subject to regulation by the SEC, Gensler said.
However, in some cases, the powers of the regulator overlap with the “sister” CFTC, which needs more rights to control and oversee the crypto market.
“Due to the fact that crypto intermediaries may be required to register with both the SEC and the CFTC, I would like to note that this is currently already being done in the broker-dealer and fund advisory space,” Gensler said.
According to him, stablecoins “have similar characteristics to money market funds” and other securities. Issuers of “stable coins”, as well as providers of other tokens, Gensler urged to discuss activities with the SEC in order to avoid violating the law.
Recall that the head of the CFTC, Rostin Benham, announced the creation of the Office of Technological Innovation, which will regulate the crypto industry.
At the same time, Gensler has repeatedly argued that most tokens fall under the definition of securities and the jurisdiction of the SEC.
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Chairman SEC Gary Gensler will support the granting by the US Congress of additional powers to regulate the cryptocurrency market to the Commodity Futures Trading Commission (CFTC).
During speeches At the Institute of Practical Law, an official noted:
“I believe that out of almost 10,000 tokens on the crypto market, the vast majority are securities. Offers and sales of these assets are subject to the relevant laws.”
These coins, as well as the intermediaries that offer them, are subject to regulation by the SEC, Gensler said.
However, in some cases, the powers of the regulator overlap with the “sister” CFTC, which needs more rights to control and oversee the crypto market.
“Due to the fact that crypto intermediaries may be required to register with both the SEC and the CFTC, I would like to note that this is currently already being done in the broker-dealer and fund advisory space,” Gensler said.
According to him, stablecoins “have similar characteristics to money market funds” and other securities. Issuers of “stable coins”, as well as providers of other tokens, Gensler urged to discuss activities with the SEC in order to avoid violating the law.
Recall that the head of the CFTC, Rostin Benham, announced the creation of the Office of Technological Innovation, which will regulate the crypto industry.
At the same time, Gensler has repeatedly argued that most tokens fall under the definition of securities and the jurisdiction of the SEC.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
