The chairman of the US securities regulator has delivered another jab at the crypto industry, claiming that many crypto platforms operate in violation of securities laws.
In a tweet on April 27, SEC Chairman Gary Gensler shared a four-minute video in which he described crypto assets as “investment contracts” and then called on platforms offering such products to register with the SEC to Protect US investors. “An investment contract exists when you invest money in a common business with a reasonable expectation of profits that come from the efforts of others,” he said.
“There is a lack of compliance in the crypto market. It's not a lack of regulatory clarity. [...] The law is clear, if you're a stock exchange, a clearinghouse, a broker or a dealer, you have to Comply, tell us Sign up," Gensler added.
The SEC has been at the forefront of the US crypto crackdown, with Gensler's constant assertion that basically all crypto assets except Bitcoin, Belongs to the class of securities.
According to Gensler, many cryptocurrency companies and platforms would violate securities laws if they were not registered with the SEC. In the comments to Gensler's latest video, many were quick to point out that before taking the helm of the SEC, Gensler had totally ambival ent views on the crypto market. Over the past week, a viral video circulating on Crypto Twitter can see Gensler grouping cryptocurrencies with cash and commodities and describing digital assets as “non-securities.” The SEC chairman's comments come from a “Blockchain and Money” le texture Gensler gave in 2018 when he was hired as a professor at the Massachusetts Institute of Technology (MIT).
“Three-quarters of the market is non-securities, it’s just a commodity, cash, cryptocurrency,” Gensler said at the time. Earlier this month, Gensler was grilled by members of Congress at a hearing on April 18, which featured much criticism of his leadership and the SEC's approach to cryptocurrency regulation, which appeared to be law enforcement. Supervision.
During the hearing, Gensler declined to confirm on the record whether he thought Ether, Is it a security or not.
