US Securities and Exchange Commission (SEC) Chairman Gary Gensler said the securities regulator is working with the Commodity Futures Trading Commission (CFTC) to regulate cryptocurrencies. Additionally, he revealed that the SEC is “trying to work with various cryptocurrency platforms, exchanges, and lending platforms” to ensure investor protection.
SEC Chairman Gary Gensler spoke about crypto regulation in an interview with Bloomberg this week.
“We have a far-reaching agenda and crypto is part of that agenda.”
He specifically commented on crypto regulation, claiming:
“The agency is really just warning investors to be careful. Many of these tokens have the properties of securities. They collect money from the public, and the public predicts profits based on the efforts of others.
We have some action. We try to cooperate with different cryptocurrency platforms, exchanges, lending platforms… to protect investors.
If you’re a platform and you have 75, 100 or 5,000 tokens on the platform, chances are a lot of them are securities.”
One report Recent shows that to date, the SEC has taken at least 97 enforcement actions against crypto companies and individuals. Gensler also said that cryptocurrency is one of the top priorities at the SEC.
“The SEC will try to protect investors and if that means taking tougher enforcement action, then we will. But it would be better if these platforms joined us, collaborated with us and obeyed the securities laws.
The legislation is pretty clear as it was in place in the 1930’s and we have the ability to work with these exchanges through other authorities to regulate some of the existing rules for the cryptocurrency industry.
He admits that crypto platforms don’t work like traditional exchanges. The SEC Chairman further noted that:
“It would be helpful to work with Congress on a number of things. However, unless Congress dictates otherwise, we must ensure investor protection in this area.
We will work with the Commodity Futures Trading Commission (CFTC) which has several commodity tokens. While many of these categories are securities, some may be exempt. We work together as two federal agencies.”
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