Suche
Mein Konto
Gary Gensler explains SEC priorities in cases against Binance, Coinbase
The US Securities and Exchange Commission (SEC) appears to want to prove that at least one crypto asset is a security, as Chairman Gary Gensler explained. The SEC recently sued two of the largest exchanges, Binance and Coinbase, back-to-back, claiming both companies failed to register as crypto brokers, exchanges and clearing agencies. More digital currency is unnecessary, says SEC's Gary Gensler In an interview on CNBC's "Squawk on the Street" with Jim Cramer, SEC Chairman Gary Gensler pointed out that there are over 200 tokens listed on both Coinbase and Binance,...
Gary Gensler explains SEC priorities in cases against Binance, Coinbase
The US Securities and Exchange Commission (SEC) appears to want to prove that at least one crypto asset is a security, as Chairman Gary Gensler explained.
The SEC recently sued two of the largest exchanges, Binance and Coinbase, back-to-back, claiming both companies failed to register as crypto brokers, exchanges and clearing agencies.
More digital currency is unnecessary, says Gary Gensler of the SEC
In one (n interview On CNBC's "Squawk on the Street" with Jim Cramer, SEC Chairman Gary Gensler noted that there are over 200 tokens listed on both Coinbase and Binance, but said the commission wants to prove that one of them is a security that needs to be registered.
According to the SEC boss:
“All we need to prove is that one of them is a security and that they should be properly registered as an exchange, broker and the like and have rules in place to protect against fraud and manipulation.”
The SEC chairman previously claimed that all digital assets are securities except Bitcoin, while stating that projects listing or offering these “security tokens” must register with the commission.
Gensler also explained that while the public can choose what to invest in, there must be disclosures otherwise the investor may not be able to tell whether the proposed investment is a fake, a scam or something else. The SEC chief added that proper disclosures will help the public make informed decisions about their investments.
Gensler also explained that there is no need to have more digital currencies, saying that such assets like the US dollar already exist.
"Look, we don't need more digital currency. We already have a digital currency. It's called the US dollar. You call it the euro or the yen, right now they're all digital. We already have digital investments."
Gensler hammers compliance
In another interview Speaking to Bloomberg, Gensler described the lawsuit against Binance and Coinbase as a “simple securities case, but one related to crypto.” The SEC chief also claimed that crypto firms were largely designed to fail to comply with securities laws, adding that exchanges were commingling customer funds.
Gensler emphasized that the crypto sector could risk collapsing like a house of cards if the industry does not "adhere to basic public policy, disclosure, avoidance of conflicts, proper segregation of customer funds and protection against fraud manipulation."
The Commission appears to have taken an aggressive approach towards the crypto industry of late, taking enforcement action against companies accused of violating securities laws.
As already reported byCryptoPotatoThe SEC sued two of the industry's largest cryptocurrency exchanges - Binance and Coinbase - within 24 hours, saying both companies violated securities laws.
.