SEC Chairman Gary Gensler criticizes crypto bill being studied by US Congress

SEC Chairman Gary Gensler criticizes crypto bill being studied by US Congress

SEC Chairman Gary Gensler criticizes crypto bill being studied by US Congress By DailyBitcoin Editor

The chairman of the US Securities and Exchange Commission has weighed in on the Lummis and Gillibrand bill because he believes it will undermine investor protections.

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  • Gary Gensler d.says that it is necessary to protect investors
  • Disagrees with the Lummis crypto bill
  • He thinks that bill will undermine protections

Every morning when they wake up, crypto investors see, with disgust, concern and terror, how the prices of cryptocurrencies continue to fall, wondering how much the crypto will reach and how to make the impact of the crypto winter not so great. For example, today Bitcoin It is in the range of USD $20,509, falling in a single day 8.36% and 70% of its maximum price achieved in November 2021, according to CryptoMarkets.

The president of the United States Securities and Exchange Commission, SEC, Gary Gensler spoke on the subject yesterday at the CFO Network Summit of TheWall Street Journal, where he referred to the current situation of the fall in prices of cryptocurrencies.

On this, when asked if the recent drop in crypto prices added new urgency to the SEC’s concerns about the market, Gensler said:”The urgency stands out, but the urgency has always been there”.

Bill

Likewise, the head of the SEC referred to the crypto regulation bill introduced by US Senators Cynthia Lummis and Kirsten Gillibrand last week. On this, Gensler said that he would prefer to speak with the legislators first, but that from the point of view of his agency, “What we want to do is continue protecting” the role your agency plays in overseeing how businesses can raise money from the general public.

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“Frankly, if I can get out of the legislation, we don’t want to undermine the protections that we have in a $100 trillion capital market. I don’t want our current stock markets, our current mutual funds, our current public companies to inadvertently with a stroke of a pen say, ‘You know what, I want to default too.’ I want to be out of the regime’ which I think has been a huge boon to investors and economic growth over the last 90 years.” Genesler said.

“Similar behaviors should have similar treatment”, he added, comparing crypto and the stock market.

The bill, as laid out, would assign responsibility for different parts of the crypto market to different agencies., and would address a variety of other issues, such as creating a tax break for small crypto transactions. The concern with the bill is that it gives that task to various agencies and takes some crypto out of the jurisdiction of the SEC.

Gensler, in his comments yesterday, said that most cryptocurrency exchanges list hundreds of tokens and that “it is very unlikely that all of them, 100%, are not securities”.

And these values ​​would already be subject to existing regulations, Gensler said.

“We do not seek to extend our jurisdiction”, Genesler added. “But these tokens are being offered to the public and the public is looking forward to a better future. These are the characteristics of an investment contract”.

Sources: Wall Street Journal, fortune, FinboldTwitter, File, Archive

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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