The U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is to testify before the House Financial Services Committee on the oversight of the SEC on Tuesday, April 18. The prepared testimony from SEC Chair Gensler for the oversight hearing shows key agendas he will target to justify his strict actions against the crypto market.
Gary Gensler to address key agendas related to crypto, equity markets, private funds, artificial intelligence (AI), money market funds, treasury markets, and climate risk disclosure, according to the prepared testimony revealed ahead of the oversight hearing of the SEC.
SEC Chair Gary Gensler Claims All Crypto Falls Under Securities Laws
SEC Chair Gary Gensler proposes to update rules and regulations as they haven’t been updated since 2005 despite the increasing market size, a rise in the number of American investors, and rapidly changing technology.
Gensler believes the SEC’s best execution standard for brokers covers all sectors of the securities markets, including equity, fixed-income, and crypto asset securities. He aims to target crypto and AI under the SEC rules.
“Nothing about the crypto markets is incompatible with the securities laws. As I’ve said numerous times, the vast majority of crypto tokens are securities.”
SEC Chair Gary Gensler reiterates that most crypto tokens are securities and crypto exchanges and other companies need to register with the SEC. The public is buying crypto tokens as they anticipate a profit in the future and depends on the efforts of others behind the tokens to generate profits on their investment.
The SEC aims to protect investors against fraud, manipulation, front-running, wash sales, and other misconduct in the crypto market. He claims that crypto companies can’t defy the securities laws by calling themselves a DeFi platform.
“Right now, unfortunately, this market is rife with noncompliance. This noncompliance not only puts investors at risk, but also puts at risk the public’s trust in our capital markets.”
He thinks the best execution rule would cover all securities. The SEC has taken enforcement actions, talking directly to crypto market participants, and making rule proposals to protect investors. However, SEC continues regulation by enforcement despite criticism by notable personalities and companies in the crypto market.
Also Read: Elon Musk Working on a ChatGPT and Google Bard Rival, Will He Bring AI Tokens?
The post Breaking: Key Agendas In SEC Chair Gensler Prepared Testimony Before US House appeared first on CoinGape.
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