Cryptocurrency Gary Gensler is one of the people most responsible for the regulatory pressure on the stock markets. Trump has announced that he will fire him on the first day if he is elected president. Today, the SEC Chairman and members are making statements in Congress. We mentioned that Republican members could target Gensler during this session. And that’s what happened.
SEC and Cryptocurrencies
SEC Peirce, a member of the SEC, expressed his discomfort with the attempt to discipline the cryptocurrency industry through sanctions, as he has done before. He argued that this approach is counterproductive, but also said that everyone is hesitant about the limits of the SEC’s authority.
Brad Sherman said the following a few minutes ago:
“The SEC is the leading investor protection agency and has responsibility for almost all other intangible investment assets. We can provide clarity, we can pass additional legislation to clarify under what conditions crypto is a security, although I don’t think it’s necessary.”
Hester Peirce crypto- talked about securities.
“I think we have failed in our duty of clarity as a regulator. We now have to accept that the token itself is not a security. That is something we should have accepted a long time ago and then we started grappling with the hard questions.”
Gensler said that their neutral stance continues as before.
“Putting something on a blockchain ledger doesn’t change the economics. What matters is whether it’s a good investment, and we’re going to remain neutral on that.”
Mark Uyeda says there needs to be some work done to give companies better guidance and advice on the ground before the charges are brought. Brad Sherman (Democratic Party) crypto- He agreed with Gensler because of his stance against the money, unlike some other party members.
“Crypto is a magic skill, the ability to hide money. If you look at our campaign finance laws, when a politician accepts crypto and has no idea where that money is coming from, there is no way anyone can enforce it. Thank you for standing up to crypto. Thank you for standing up for investors who care about the environmental impact of their investments.”
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
