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SEC's Gary Gensler: Many Cryptocurrencies Fall Within The Securities Laws
Summary: During the oversight hearing held by the House Appropriations Committee on Wednesday, US Securities and Exchange Commission (SEC) Chairman Gary Gensler told Democratic Congressman Mike Quigley that there are many cryptocurrencies that fall within the securities law: "There are many crypto tokens that do come under the securities laws, and our agency is trying to ...
During the oversight hearing held by the House Appropriations Committee on Wednesday, US Securities and Exchange Commission (SEC) Chairman Gary Gensler told Democratic Congressman Mike Quigley that there are many cryptocurrencies that fall within the securities law:
"There are many crypto tokens that do come under the securities laws, and our agency is trying to enforce the law...But there are thousands of tokens, and over the years, we can only execute 75 cases. There are currently other non-compliance cases."
Gensler also stated that asset managers who invest in unregistered securities may also be subject to scrutiny: "The SEC has always maintained consistency in its communications with market participants, that is, those who use the initial coin offerings to raise capital or to engage in securities transactions must comply with the federal securities laws. Asset managers that invest in these assets may come under securities laws, too."
By Mary Liu
Tags: Cryptocurrency,Gary Gensler,SEC,Security
Link: SEC's Gary Gensler: Many Cryptocurrencies Fall Within The Securities Laws [Copy]
