SEC Chair Gensler held fast to his stance that most cryptocurrencies are subject to federal securities laws ahead of Wednesday's hearing.
SEC Chair Gary Gensler, who is set to testify on Wednesday in front of the House Financial Services Committee, said securities laws have “been on the books for decades,” according to preparedGensler is likely to face criticism from House Financial Services Committee Chair Patrick McHenry, R-N.C., over his approach to regulating crypto.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
Gensler, who is set to testify in front of the House Financial Services Committee, said those securities laws have"been on the books for decades," according to prepared"Given this industry’s wide-ranging noncompliance with the securities laws, it's not surprising that we’ve seen many problems in these markets," Gensler said."We’ve seen this story before. It’s reminiscent of what we had in the 1920s before the federal securities laws were put in place.
"You’re punishing digital asset firms for allegedly not adhering to the law when they don’t know it will apply to them. That’s nonsensical," McHenry said in April.with Gensler's view and said securities laws can work for crypto firms.lawmakers in the House Financial Services Committee advanced two bills in July. One would overhaul crypto market regulation in part by creating a pathway for a digital asset to transition from being a security to a commodity.
They plan to meet with lawmakers and government officials to discuss how crypto is creating jobs in their states, according to a blog post. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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