SEC Chairman Gensler calls on crypto-asset platforms

Şükriye Akdeniz

Sep 14, 2021

SEC Chairman Gensler has urged crypto companies to register with the SEC to avoid further trouble and at the same time protect investors

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The President of the US SEC delivered the speech to the Banking, Housing and Urban Affairs Committee in the Senate on Sept. 14. Here, he noted that most crypto entities do not currently operate within regulatory frameworks that protect investors and consumers or protect against illegal activity and financial instability.
Additionally, he said:
“Crypto finance does not have enough investors to issue, trade, or lend. Right now we're like the old world that existed before securities laws came into effect. This asset class is rife with fraud and abuse in certain apps. We can do better.”
Gensler also talked about what the agency is doing, working with the CFTC to develop policies that ensure consumer protection.
“I suggested that crypto platforms and projects talk to us. Many platforms have hundreds of tokens on them. While the legal status of each token will depend on its own facts and circumstances, the probability of any platform having zero securities with 50, 100, or 1,000 tokens is extremely low.”

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