Securities and Exchange Commission (SEC) Chair Gary Gensler testified on Wednesday before the House Financial Services Committee, fiercely upholding his agency’s role as a cop bringing order to the crypto markets.
Gensler spoke at length about the SEC’s role and his understanding of what the securities laws empower it to do. He did not mention significant legal setbacks that might cast doubt on his testimony.
SEC Chair Gensler Argues Securities Laws Apply to Crypto
In his testimony, Gensler went to some length to argue for what he saw as a clear mandate for SEC oversight of the crypto markets.
His view is plain: if US lawmakers in the past had meant for securities laws to provide a regulatory framework mainly or solely for stocks and bonds, they would have said so. And would have included explicit language to that effect in the Securities Exchange Act of 1934.
“Congress could have said in 1933 or 1934 that that the securities laws applied only to stocks and bonds. Yet Congress included a long list of 30-plus items in the definition of a security, including the term ‘investment contract.’”
Gensler then alluded to earlier statements of his where he argued that the “vast majority” of crypto investment tokens are classifiable as securities. Given the supposed presence of an investment contract.
An argument that a US District Couty judge in July of this year explicitly repudiated in a 34-page ruling.
Learn more about Gary Gensler’s legal war on cryptocurrency and the growing backlash against regulatory overreach.
Gensler Claims Longstanding Legal Precedent
He went on to state that clauses of the Securities Act requiring exchanges, brokers, and dealers to register, or meet requirements for an exempt
Go to Source to See Full Article
Author: Michael Washburn
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
