The SEC, or US Securities and Exchange Commission, is a federal regulatory agency overseeing securities markets and protecting investors in the United States. In this article, we will walk through the chair of SEC, and crypto.
Who Is The Chair Of SEC?
Gary Gensler is the Chair of the SEC (US Securities and Exchange Commission). Gary Gensler is an American economist, professor, and public servant who has been actively involved in financial regulation and academia. He was born on October 18, 1957, in Baltimore , Maryland, USA.
Does The SEC Consider Crypto?
A central point of contention in regulatory discussions revolves around the classification of cryptocurrency, pondering whether it should be labeled a security, a commodity, a currency, or another category. Currently, this remains an unresolved issue.
If cryptocurrency is categorized akin to commodities like crude oil, coffee, or natural gas, oversight would fall under the Commodity Futures Trading Commission (CFTC), which governs currency trading and would extend to crypto trading if cryptocurrencies are recognized ized as currencies.
Conversely, if legislators and regulators opt for cryptocurrency to be treated as a security, akin to stocks, bonds, and exchange-traded funds, it would come under the purview of the US Securities and Exchange Commission (SEC).
SEC Chair Gary Gensler has explicitly indicated that he views the majority of cryptocurrencies as securities, relying on the Howey Test derived from a 1946 Supreme Court case, SEC v. WJ Howey Co. Gensler's stance is that companies involving cryptocurrencies should align with the law. He conveyed to Congress that the SEC will persistently investigate and enforce compliance until such alignment is achieved.
This is about the chair of SEC. However, Gensler has made a notable exception, categorizing Bitcoin specifically as a commodity amidst this discourse.
