The chairman of the U.S. Securities and Exchange Commission has butted against Lummis and Gillibrand’s bill because he believes it will undermine investor protections.
- Gary Gensler d he need to protect investors
- Disagrees with Lummis’ crypto bill
- Believes that this bill will undermine protections
Every morning when crypto investors wake up they watch in disgust, worry and terror as cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. prices continue to fall, wondering how much crypto will go to and how to make the impact of crypto winter not so great. For example, today Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. is in the range of USD $20,509, down in a single day by 8.36% and 70% from its peak price achieved in November 2021, according to CryptoMarkets.
The president of the U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission, SEC, Gary Gensler, spoke on the topic yesterday at the CFO Network’s CFO Summit.The Wall Street Journal, where he addressed the current situation of falling cryptocurrency prices.
On this, when asked if the recent drop in crypto prices added new urgency to the SEC’s concerns about the market, Gensler said The urgency stands out, but the urgency has always been there.
Proyecto de ley
Also, the SEC chief referred to the crypto regulation bill. presented by U.S. Senators Cynthia Lummis and Kirsten Gillibrand last week. On that, Gensler said he would prefer to talk to the legislators first, but from his agency’s point of view, “what we want to do is to continue to protect”. the role your agency plays in overseeing how businesses can raise money from the general public.
“Frankly, if I can get away from the legislation, we don’t want to undermine the protections that we have in a $100 trillion capital capital is most commonly defined as the large sum of money you would use to invest. market. I don’t want our current stock exchanges, our current mutual funds, our current public companies to inadvertently with the stroke of a pen say, ‘You know what, I want to be a defaulter too. I want to be out of the regime’ that I think has been a great benefit to investors and economic growth over the last 90 years.” Mrs Gensler.
“Similar behaviors should be treated similarly.” he added, comparing crypto and stock market.
The bill, as it stands, would assign responsibility for different parts of the cryptomarket to different agencies It would address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. a variety of other issues, such as creating a tax exemption for small crypto transactions. The concern with the draft legislation is that it gives that task to various agencies and takes some crypto out of the SEC’s jurisdiction.
Gensler, in his comments yesterday, said that most cryptocurrency exchanges list hundreds of tokens, and that “it is very unlikely that all of them, 100%, are not values”.
And these values would already be subject to existing regulations, Gensler said.
“We are not looking to extend our jurisdiction.” Gensler added. “But these tokens are offered to the public and the public expects a better future. Those are the characteristics of an investment contract.” .
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