SEC Working With CFTC on Crypto Regulation, Says Chairman Gensler – Regulation Bitcoin News

Gary Gensler is the chairman of U.S. Securities and Exchange Commission. He stated that the Securities and Exchange Commission works with the Commodity Futures Trading Commission to regulate crypto. In addition, he said the SEC is “trying to work with various crypto platforms, exchanges, lending platforms” to ensure investor protection.

Gary Gensler is the Chair of SEC for Crypto Regulation

In an interview this week with Bloomberg, Gary Gensler, Chairman of the SEC spoke about cryptocurrency regulation. “We do have a broad agenda and crypto is part of that agenda,” he began.

Commenting specifically on crypto regulation, the SEC boss affirmed that “The agency is really just looking out for investors,” emphasizing that “many of these tokens have the attributes of securities.” He further explained, “They are raising money from the public, and the public is anticipating profits based on the efforts of others.”

Gensler described:

We filed a variety of actions. We’re trying to work with various crypto platforms, exchanges, lending platforms … to get investor protection for the public.

“If you are a platform and you have 75, or a hundred, or 5,000 tokens on the platform, the possibilities are that a number of them, and maybe many of them, are what’s called a security,” Gensler stressed.

Recent data shows the SEC has already taken at most 97 enforcement actions against crypto-related individuals and companies. Gensler stated, “Crypto is one the SEC’s top priorities.”

The SEC chairman explained: “The SEC is going to try to pursue investor protection and if that means bringing greater enforcement actions, then we’ll do that. But it would be better to have these platforms come in, work with us, and come under the securities law.”

He insisted: “The laws are pretty clear as laid out in the 1930s, and we have an ability to work with these exchanges using various authorities” to tailor some of the existing rules for the crypto industry. He acknowledged that cryptocurrency platforms are not like traditional exchanges.

The SEC chairman further noted that “it would be helpful to work with Congress on some things.” Nonetheless, he said, “unless Congress said otherwise, we have to ensure there’s investor protection in this space.” Gensler continued:

The Commodity Futures Trading Commission will be our partner. They have some commodity tokens. Many of these tokens are securities. However, they may also be subject to their jurisdiction. As two federal agencies, we work together.

What do you think about Gensler’s comments? Comment below to let us know your thoughts about Gensler’s comments.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.