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SEC Chair expresses concerns over the crypto industry in committee hearing
Congressman Ritchie Torres asks SEC to stop its assault on crypto
- Gensler addressed his concerns about the crypto world, saying he has never seen a field so non-compliant with securities laws.
- Gensler asserted that any exchange facilitating the trading of such tokens should register as a national securities exchange.
Despite the cryptocurrency industry receiving a warm welcome in many countries, the United States has taken a different stance. SEC Chair Gary Gensler has been closely scrutinizing the sector for some time now.
During a recent House Financial Services Committee hearing today, Gensler addressed his concerns about the world of cryptocurrency.
Gensler highlights crypto’s non-compliance with securities laws
During the committee hearing, SEC Chair Gary Gensler faced numerous questions about the cryptocurrency industry. In his testimony, Gensler stated, “I’ve been in and around finance for 40 years, and I’ve never seen a field that is so non-compliant with securities laws.”
When discussing the classification of cryptocurrencies as securities, Gensler asserted that any exchange facilitating the trading of such tokens should register as a national securities exchange.
Committee Chairman Patrick McHenry questioned Gensler about the 2022 FTX collapse investigation and sought his opinion on whether Ethereum is a security or a commodity. Additionally, McHenry inquired if Gensler believes there is a lack of regulatory clarity in cryptocurrency.
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Damilola Lawrence
Damilola Lawrence has covered news on crypto markets and tech for over 5 years. He has previously shared crypto insights and analysis for TheShibMagazine, CryptoMode, Qweens Magazine, and The Recording Academy before pivoting into Web3. At Cryptopolitan, he is a crypto price prediction specialist. After finishing a bachelor’s degree, he has segued into a master’s degree in IT Cybersecurity at Maria Curie-Skłodowska University.
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