Cabeza de la SEC lista para dialogar con empresas de criptomonedas

Gary Gensler aims to establish a dialogue with cryptocurrency companies by inviting them to “come and talk”. The head of the SEC said on the eve of the open session of the Senate Committee on Banking, Housing, and Urban Affairs, which will be held on September 14.

The head of the US SEC has again urged companies in the digital currency industry to register to protect investors. According to him, today the department, together with the Federal Reserve System and the Treasury Department, is actively working on the development of regulatory rules for a new asset class, seeking to make the new market more reliable for depositors.

According to Gensler, the problem is that cryptocurrency platforms host hundreds of different tokens, which makes it extremely unlikely that there will be unregistered securities among them. In addition, the legal status of each coin is determined depending on its characteristics and certain circumstances.

Although Gensler had previously called cryptocurrencies “a catalyst for change” more than once, he nevertheless clarified that this statement is only relevant if the companies are responsible for their creation and distribution activities within the framework of financial legislation. Many crypto firms, in turn, have repeatedly complained about the lack of "regulatory clarity" for the industry.

The head of the SEC said that today the cryptocurrency market resembles the Wild West, in which the buyer constantly needs to beware of the likelihood of being deceived, citing a huge share of fraudulent projects. On the other hand, instead of focusing on them, the SEC is most interested in the activities of such transparent companies as Coinbase, Uniswap, and Ripple.

At the same time, ex-CFTC commissioner Brian Quentenz, who works with the a16z fund as an advisor, is convinced that the US Securities and Exchange Commission should not control commodities like wheat, gold, oil, and even cryptocurrencies. Especially when it comes to the places where they are sold.

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