In one explain Recently, Gary Gensler, chairman of the US Securities and Exchange Commission, urged cryptocurrency exchanges to accept operations under the agency’s supervision and on the territory of the country in order to ensure investors’ safe capital by registering with the SEC.
This is part of a plea prepared for an upcoming hearing before the Senate Committee on Banking, Housing and Urban Development scheduled for September 14th. This is due to a number of serious complaints
The SEC chairman assured that his staff and the Commodity Futures Trading Commission are working tirelessly to protect investors. Working with key government agencies, the SEC hopes to create a consistent but rigorous policy framework to run the crypto space in the United States.
“I proposed cryptocurrency projects and platforms to work with the Commission. Many platforms have tens or hundreds of active tokens. While the legal status of each token depends on the facts and the specific case, the probability is that out of 50, 100 or 1,000 tokens there is no platform that is free of securities, ”emphasized Gensler.
In addition, he highlighted the need for a framework for checks and balances to help crypto companies reduce the burden and control limits. He explained that crypto companies can only act as “catalysts of change” within the established framework.
Last month, Gensler had hoped to implement new changes to crypto policy in token offerings, DeFi, stablecoins, credit platforms and ETFs. A lover of negotiations, he invited crypto companies to “speak to the SEC”.
“We do not have adequate investor protection in crypto financing, issuance, trading or lending. Frankly, at this point in time, it’s like the Wild West or the old world that existed before the securities laws were passed. This guy is full of scams, scams and abuse in certain apps. “
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According to Cryptoslate