The SEC chairman doesn’t have much to say about Ripple or XRP… except this one
The Securities and Exchange Commission (SEC), led by Gary Gensler, has repeatedly raised concerns about exchange-traded funds (ETFs). In fact, the Chairman believes there is a lack of infrastructure designed to prevent fraud and manipulation. According to the agency, doing so would not serve the SEC’s purpose of protecting investors and the public interest.
That’s all I ask
In a recent interview with Fox Business, Gensler once again show his views amid growing uncertainty on the regulatory front. Especially since various candidates or funds such as Grayscale, VanEck… do not meet the requirements of the supervisory authority.
Gensler reiterated his point this time:
“I continue to recommend cooperating with the SEC and registering under securities laws. It’s probability weighted, but you have 75 or 500 or 1000 tokens on your platform. Surely one or more of them are stocks.”
For a bitcoin ETF to win, the issuer must enter into what the SEC calls a “custodial sharing agreement” with another major market, in accordance with the regulation under which the asset is traded. Bitcoin futures trading on the Chicago Mercantile Exchange (CME) appears to be following this pattern.
According to Gensler, CME has had a regulated market since 2017. In contrast, spot ETFs don’t seem to have a “frame for the underlying asset.”
However, critics of BTC ETF futures have pointed to the possibility of using them for pricing, as opposed to spot bitcoin. This can lead to poor performance. Futures contracts typically have a premium to the underlying asset, although they can trade at a discount.
SEC against Ripple
The SEC sued Ripple claiming XRP is an “unregistered security.” In contrast, ETH has received the regulatory green light, with ETH currently not considered collateral.
As mentioned in the aforementioned interview, Gensler refuse in-depth comments. However, he said:
“The conceptual framework is that the public invests money and predicts returns based on the efforts of others.
Raising funds from the public issuer is a fundamental business with full, fair disclosure and fraud protection. You register with a government agency called the Securities and Exchange Commission, and that’s what we’re trying to do by helping to keep this vital business closed.
“We are technology neutral when people want to invest or speculate in this sector. Then these tokens and especially the platforms where trading and lending platforms join, try to register, obey the law, not try to circumvent the law.”
Twitter users weren’t happy with the reaction. For example, Liz Hoffman, an executive at the Wall Street Journal, believe Gensler makes fun of crypto companies.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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The SEC chairman doesn’t have much to say about Ripple or XRP… except this one
The Securities and Exchange Commission (SEC), led by Gary Gensler, has repeatedly raised concerns about exchange-traded funds (ETFs). In fact, the Chairman believes there is a lack of infrastructure designed to prevent fraud and manipulation. According to the agency, doing so would not serve the SEC’s purpose of protecting investors and the public interest.
That’s all I ask
In a recent interview with Fox Business, Gensler once again show his views amid growing uncertainty on the regulatory front. Especially since various candidates or funds such as Grayscale, VanEck… do not meet the requirements of the supervisory authority.
Gensler reiterated his point this time:
“I continue to recommend cooperating with the SEC and registering under securities laws. It’s probability weighted, but you have 75 or 500 or 1000 tokens on your platform. Surely one or more of them are stocks.”
For a bitcoin ETF to win, the issuer must enter into what the SEC calls a “custodial sharing agreement” with another major market, in accordance with the regulation under which the asset is traded. Bitcoin futures trading on the Chicago Mercantile Exchange (CME) appears to be following this pattern.
According to Gensler, CME has had a regulated market since 2017. In contrast, spot ETFs don’t seem to have a “frame for the underlying asset.”
However, critics of BTC ETF futures have pointed to the possibility of using them for pricing, as opposed to spot bitcoin. This can lead to poor performance. Futures contracts typically have a premium to the underlying asset, although they can trade at a discount.
SEC against Ripple
The SEC sued Ripple claiming XRP is an “unregistered security.” In contrast, ETH has received the regulatory green light, with ETH currently not considered collateral.
As mentioned in the aforementioned interview, Gensler refuse in-depth comments. However, he said:
“The conceptual framework is that the public invests money and predicts returns based on the efforts of others.
Raising funds from the public issuer is a fundamental business with full, fair disclosure and fraud protection. You register with a government agency called the Securities and Exchange Commission, and that’s what we’re trying to do by helping to keep this vital business closed.
“We are technology neutral when people want to invest or speculate in this sector. Then these tokens and especially the platforms where trading and lending platforms join, try to register, obey the law, not try to circumvent the law.”
Twitter users weren’t happy with the reaction. For example, Liz Hoffman, an executive at the Wall Street Journal, believe Gensler makes fun of crypto companies.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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