- SEC Chair Gary Gensler affirmed the SEC’s authority to regulate crypto under existing securities laws, despite industry pushback.
- Gensler highlighted major issues in crypto over the past year like fraud, scams, bankruptcies, and money laundering, suggesting the industry’s resistance to regulation is unsurprising.
- Beyond just the crypto industry, Gensler noted the SEC has charged many individuals and entities, underscoring their far-reaching enforcement approach.
SEC Chair Gary Gensler recently gave a speech at the 2023 Securities Enforcement Forum, where he reiterated his views on regulating the crypto industry. His remarks provide insight into the SEC’s approach to crypto oversight.
Gensler Affirms SEC’s Authority Over Crypto
In his speech, Gensler emphasized that crypto assets and firms are subject to existing securities laws, despite pushback from the industry. He stated that crypto should not be treated differently than traditional finance when it comes to investor protections. The SEC has brought several cases against crypto companies citing securities regulations.
Crypto Rife with Issues Says Gensler
Gensler highlighted the many problems in the crypto industry over the past year, including fraud, scams, bankruptcies, and money laundering. He suggested the industry’s resistance to regulation is unsurprising given its noncompliance. The collapse of major crypto firms like FTX, Three Arrows Capital, and TerraUSD exemplify these issues.
SEC Charges Beyond Crypto Industry
Gensler noted the SEC has charged many individuals and entities beyond just crypto. He said he won’t even name all those charged in the “highly noncompliant field.” This underscores the SEC’s far-reaching approach to enforcement.
Conclusion
Gensler’s stance shows the SEC aims to aggressively assert its authority over crypto through existing laws. His remarks portray an industry plagued by misconduct and in need of stricter oversight. The path forward promises continued tension between regulators and crypto as the SEC tries to rein in the space.
