As a seasoned analyst with over two decades of experience in the financial sector, I have seen my fair share of regulatory battles and market turbulence. The current standoff between the U.S. Securities and Exchange Commission (SEC) and the major crypto exchanges is not an exception but rather a testament to the evolving nature of finance.
The chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, has advised platforms labeled as cryptocurrency exchanges to comply with established regulations.
At the moment, the Securities and Exchange Commission (SEC) is involved in ongoing legal disputes with prominent cryptocurrency exchanges like Coinbase, Kraken, and Binance.
In an interview with CNBC on a Wednesday, Gensler underscored the SEC’s commitment to safeguarding the interests of investors.
“This is a field that is rife with fraudsters and scammers, and grifters,” Gensler stressed.
The head of the SEC highlighted that several significant figures in the crypto world from last year are currently imprisoned or are expected to be extradited. In essence, he was referring to Sam Bankman-Fried, the former CEO of FTX, Changpeng Zhao, the ex-CEO of Binance, and Do Kwon, a co-founder of Terra.
The rules are clear
In simpler terms, Gensler indicated that there is no conflict between the requirements of the financial industry and the fundamental safeguards provided by securities law.
Even if you record something in an accounting log, investors should still be afforded fundamental safeguards,” he emphasized.
As a researcher delving into this topic, I find myself aligning with the perspective of Gensler. While it’s true that calls for regulatory clarity from industry leaders are prevalent, my analysis leans towards the belief that we already possess sufficient clarity in our securities laws. These laws, robust and effective for nearly a century, have proven their mettle time and again.
Some political figures from across the aisle have voiced criticism towards the Securities and Exchange Commission’s stance on cryptocurrencies. Yet, there are also supporters of the agency’s strategy within the halls of Capitol Hill. For instance, Senator Elizabeth Warren is one such advocate.
According to U.Today, it’s expected that Gensler and the SEC commissioners will face questioning from Congress next week.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD PHP PREDICTION
- USD CLP PREDICTION
- USD ZAR PREDICTION
- FJO PREDICTION. FJO cryptocurrency
2024-09-19 00:05