SEC Chairman Gary Gensler makes important statements about cryptocurrencies. Gary Gensler said that cryptocurrencies are highly speculative assets. The article will be constantly updated. Constantly update the page to see new descriptions!
SEC Chairman: Cryptocurrencies are highly speculative assets
SEC Chairman Gary Gensler paraphrases his highly anticipated speech. Gary Gensler made important comments in his speech on cryptocurrencies. The highlights of Gary Gensler’s statements are as follows:
Crypto tokens or cryptocurrencies are highly speculative assets. Satoshi Nakamoto wanted to bring finance together with new technology. I studied these subjects at MIT for 7 years. However, this technology cannot progress without regulations. I think we need to regulate this technology, through government policies, for the benefit of the people. After this crisis, we created a much stronger market here in the USA. I think we are in a much better position than that day. However, this does not mean that we will not be affected at all. This broad narrative gives us an important task. We are talking about 5-6 thousand crypto money. It is sold on some platforms in the form of investment contracts or bonds. However, we need to apply regulations to both trading platforms and lending platforms. The SEC made it clear what securities were in the 1930s. These are explained in sub-headings 30-35. In the 90s, the definitions were further expanded to prevent fraud. This broad narrative gives us an important task. We are talking about 5-6 thousand tokens. It is sold on some platforms in the form of investment contracts or bonds. However, we need to apply regulations to both trading platforms and lending platforms.
Gary Gensler: Some cryptocurrencies are securities
Continuing his statements, SEC Chairman Gary Gensler also drew attention to cryptocurrency exchanges and said:
You invest your money on a platform. They also sell cryptocurrencies, promising you a certain profit. This is an investment contract. Some cryptocurrencies can be securities, some are commodities, and some can be both. In these matters, we need to go in coordination with the Commodity Futures Trading Commission.
SEC Chairman: We can regulate stablecoins!
The SEC Chairman emphasized that they can regulate stablecoins and added:
We have serious power. Lending, staking platforms, i.e. places where you give a cryptocurrency and get interest in return, we can regulate this side and stablecoins with the help of Congress giving us. We are already preparing a report on this subject with Yellen. New technologies cannot survive without falling under government rules. Congress said, “We should not be involved in fraud. I don’t think he will say “whatever they do”. Like I said, this is a very exciting technology, so I’ve studied it for years. But while people are dreaming of a better retirement or a better vacation a year from now, they should also be kept away from the dangers that may happen to them.