Amid Ripple XRP, Coinbase Fumbles, Gary Gensler Flexes SEC Muscle
US Securities and Exchange Commission (SEC) Chairman Gary Gensler on Friday reiterated the agency’s effort to bring cryptocurrency exchanges under surveillance and “register securities where appropriate.”
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- “I have asked our employees to work directly with the platform to get them registered and regulated to ensure that they also come across crypto tokens and register as securities when appropriate,” Gensler said in one Video on his verified Twitter account on Friday.
- He called for the same protections in crypto markets as the stock market and “not to risk undermining 90 years of securities legislation.”
- “There is no reason for the cryptocurrency market to behave differently because a different technology is used,” Gensler said. “It would be like saying that drivers of electric cars don’t need seat belts because they don’t use gas.”
- Gensler’s comments come amid alleged delays in voting on a proposed bipartisan bill that would bring crypto under the primary oversight of the Commodity Futures Trading Commission (CFTC) rather than the SEC.
- CFTC Commissioner Carolyn Pham said of the SEC’s contention, “The CFTC must use all means available to strictly enforce the law and fulfill its statutory mandate to uphold the Commodity Exchange Act.” That there are dozens of digital assets securities.
- “The CFTC must use all means available to strictly enforce the law and fulfill its statutory mandate to uphold the Commodity Exchange Act,” Commissioner Pham said. “This responsibility has been entrusted to us by Congress and the American people. The CFTC must not break that trust, and we must remember who we serve.”
See related articles: SEC Failed to Stop Helping XRP Holders in Ripple Case