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The chairman of the U.S. Securities and Exchange Commission (SEC), the city center Gensler needs a lot of capitalist protection in the cryptocurrency market. “This quality category is rife with fraud, scams and abuse in certain applications,” he said. “In some cases, investors are not ready to obtain strict, balanced, and complete information about tokens or commercial and lending platforms.”
Gary Gensler needs a lot of capitalist protection in the crypto market
Gensler, the chairman of the U.S. Securities and Exchange Commission, City Center, raised questions about the cryptocurrency market at the Capitalist Information Committee meeting last week.
The Investor Advisory Committee established under Section 911 of the Dodd-Frank Act advises the SEC on restrictive priorities and “measures to protect the interests of capitalists and promote capitalist confidence and the integrity of the securities market.”
In the speech, Gensler shared some issues related to the crypto market.
He first admitted that “Satoshi Nakamoto’s’Bitcoin White Paper’ and the subsequent crypto market are catalysts for correction.” In August, Gensler mentioned that the anonymous creator of Bitcoin’s “innovation is real”, “It has been and will remain It is a catalyst for corrections in the financial and cash sectors.”
Quoting the market value of all cryptocurrencies, Gensler told the Capitalist Information Committee: “This is a quality category that belongs to a public policy framework that takes care of investors, prevents illegal activities, and protects the stability of our currency.” He believes:
Unfortunately, this quality category is rife with fraud, scams, and abuse in some applications…In some cases, investors are not ready to obtain strict, balanced and complete information about tokens or commercial and lending platforms information.
“At present, we often don’t have enough capitalist protection in the encryption field,” the boss of the US Securities and Exchange Commission described. “On business, lending, and localized finance (defi) platforms, as long as there is a significant gap in capitalist protection, the public will buy, sell and lend cryptocurrencies.” He emphasized:
This makes the market susceptible to manipulation. This makes investors vulnerable. If we tend not to solve these problems, I worry that many people will be harmed.
Gensler went on to clarify that several cryptocurrency “regional units of tokens are offered as securities and oversubscribed.” Commenting on whether tokens are considered securities, he said: “There is indeed a lot of clarity in this regard. In the 1830s, Congress established the definition of securities, including twenty things, such as stocks, bonds, and notes. “
The SEC chairman continued: “One of them is an investment contract,” and pointed out that some tokens in the crypto market “may be unregistered securities, but do not require disclosure or market surveillance.”
Gensler believes:
It is best not to worry about the massive leakage of the third channel (encrypted channel and all tokens, commerce, and lending) to solve the problem of capitalist protection.
The SEC hosted his speech, stating that crypto platform operators and token issuers should “come in and sit down with the SEC employees.”
He added: “Historical financial innovation will not flourish outside of our public policy framework. If this field continues or reaches any potential for it to become a catalyst for the amendment, we are more willing to incorporate it into the public policy framework. “
Post U.S. Securities and Exchange Commission Chairman City Center Gensler emphasized that the crypto market is easily manipulated and investors are vulnerable to attack First appeared in Bitcoin wire.
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