Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), said the regulatory agency’s current rules provide a clear roadmap for crypto companies.
Gensler frequently emphasized at the Practicing Law Institute’s SEC Speaks event that the rules and regulations that crypto issuers and service providers must follow have been clear for years.
SEC Chairman Gary Gensler: Crypto Is Not Compliant With Securities Laws
Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), said today that the crypto industry does not need to set any special rules for token issuing projects.
“Nothing about crypto markets is incompatible with securities laws,” Gensler said. Investor protection is equally important regardless of underlying technologies.” said.
Later in his speech, Gensler pointed to both centralized and decentralized platforms, saying:
“Crypto brokers, whether called centralized or decentralized (for example, DeFi), are a mix of exchange functions, broker-dealer functions, custody and clearing functions, and lending functions that are typically separated from each other in the rest of the securities markets.”
Gensler: Crypto Service Providers Should Register With The Agency
Briefly talking about lending companies, Gensler said that crypto market intermediaries should register with the agency. He also noted that many crypto market actors operate as exchanges, brokers, exchange firms, and custodians.
Saying that he plans to work with companies and service providers more broadly, Gensler stated that he sees the role of the SEC as a strong police officer overseeing the crypto industry.
“If we are successful, there will be more trust in these markets and investors will decide and entrepreneurs will decide and projects will win or lose or fail at their own risk. We will continue to use the powers that Congress has given us, as well as those that will help best protect the public.”
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