- SEC Chairman Gary Gensler has alleged that crypto firms made a calculated decision to evade rules.
- Gensler also denied the allegations of crushing the crypto industry through enforcement actions.
- The SEC Chair reiterated his long-standing view that the majority of crypto tokens qualify as a security.
- Rebutting industry claims, Gensler laid out the path for crypto firms to register with the regulator.
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, has responded to the crypto industry’s backlash in light of recent enforcement actions initiated by his agency. Gensler defended the actions of the SEC and blamed crypto firms in the country for “flouting” rules. The SEC Chair also responded to the industry’s claims of having no way to register with the securities regulator.
Gary Gensler Denies Allegations of Crushing the Crypto Industry
According to a report by Reuters, Gary Gensler has accused the crypto firms of making a “calculated economic decision” to flout the rules set by his agency. The SEC chair alleged that crypto firms decided to take the risk of enforcement as the cost of conducting business in the United States. Gensler believes that crypto entities that got hit with enforcement actions had legal trouble coming. He indicated that firms that don’t comply with the rules will attract enforcement action.
SEC Chair Gensler’s comments came during the Piper Sandler Global Exchange and Fintech Conference earlier today. During his speech, he pushed back against the crypto industry’s allegations of him using the agency to crush them. He also stated that contrary to the industry’s repeated demands, there was no need for legislation from Congress for regulating the crypto space.
We’ve issued a reopening release that reiterated the applicability of existing rules to platforms that trade crypto assets securities, including so-called DeFi systems, that’s already the law. That’s already the rule. Not liking the law, not liking the rules is different than not hearing it or not getting it.”
Gary Gensler reiterated his long-standing controversial stance on crypto securities and stated that the majority of the crypto tokens out there qualified as security. For those who claimed that there was no way to comply with the SEC’s rules, Gensler detailed how crypto firms could register themselves with the regulator and highlighted potential exemptions that may be granted to operators who meet certain criteria.
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