SEC chairman Gary Gensler made moderate statements about cryptocurrencies today. Here are the highlights from Gensler’s statements.
Gary Gensler delivers messages of flexibility on cryptocurrency regulations
Gary Gensler addressed the markets moderately in his latest statements about cryptocurrencies. Gensler stated that due to its transparent nature, the privacy of cryptocurrencies can be legally overseen. The SEC chief insists that cryptocurrencies are securities. In his latest statements, he gave messages to the stock markets.
Gensler noted that exchanges must register with the SEC and make no distinction between the CEX and DEX platforms. The SEC Chairman stressed that exchanges must comply with regulations.
SEC chief emphasizes agency’s authority over cryptocurrencies
Gary Gensler has emphasized the constitutionally broad authority of the SEC in his previous statements regarding cryptocurrencies. After making this statement, the SEC came under fire for overstepping its boundaries and not having a legislature. After previously refusing to respond to these criticisms, Gensler noted:
I will cooperate with Congress on initiatives related to cryptocurrencies.
The SEC Chairman has taken a moderate stance, arguing for flexibility on cryptocurrencies. Gary Gensler gave the SEC the impression that while they are adamant in their commitment to decentralization, they are looking for a legal basis that matches the nature of cryptocurrencies. According to Gensler, an investor’s decision to reveal their identity to regulators can be flexible:
Given the nature of cryptocurrency investments, I believe it may be appropriate to be flexible with current public disclosure practices.
