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SEC’s Gensler Insists Clear Rules for Crypto Market ‘Already Exist’

Press Releases Crypto News DeCrypt SEC's Gensler Insists Clear Rules for Crypto Market 'Already Exist'

U.S. Securities and Exchange Commission Chairman Gary Gensler today said that rules for the cryptocurrency market already exist—but that the industry is still “rife with noncompliance.”

The SEC boss testified at the House Appropriations Subcommittee on Financial Services and General Government Wednesday and reiterated his point that the vast majority of coins and tokens in the crypto space are securities.

Congressman Sanford Bishop (D-GA) asked the chairman today if the SEC has “any plans to issue a rule to clarify how securities laws apply to digital assets,” echoing a common refrain from the crypto industry that has for years called for “regulatory clarity.” Gensler, in typical form, stuck to his guns that the rules for crypto could not be any clearer.

“The regulations actually already exist, sir. They’re called the securities regulation, and so there are disclosure regulations for when somebody tries to raise money from the public,” the SEC chair said.

Gensler has repeatedly said in the past that most digital assets—but not the biggest and oldest Bitcoin—fall under the securities definition. “Crypto tokens—without prejudging any one of them—you could look at nearly, most of them, and you could find a group of entrepreneurs with a Twitter site, with a website, with individuals, and I can bet that most of you are not visited by decentralized, non-existent management,” he said.

The SEC has continued to pursue what industry observers refer to as a “regulation by enforcement” approach when it comes to crypto, cracking down on companies and projects that push what the regulator deems as unregistered securities.

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Author: Mathew Di Salvo

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