The United States (U.S.) Securities and Exchange Commission (SEC) Chair Gary Gensler has reportedly said securities regulations “already exist” to regulate cryptocurrencies. Gary Gensler reportedly said no more legislation is required for governing cryptocurrencies. He also adds that if the Congress acts, it’s vital for the lawmakers to refrain from undermining the current laws.
Gensler did not comment on if the SEC would initiate any action against Binance, especially after the U.S. Commodity Futures Trading Commission (CFTC) is suing the cryptocurrency exchange. Gensler said it is the SEC that would determine what is and is not a security, and not the legislation.
Following a House Appropriations Committee hearing held on Wednesday, Gensler reportedly stated the current securities laws cover most of the activity that’s happening in the crypto markets.
If Congress were to act, though, I don’t think we need these authorities, not to undermine inadvertently through definitions of what’s in or out, or in essence allowing for conflicts that we don’t allow.
I think there is one agency — the Securities and Exchange Commission, overseen by two committees — the House Financial Services and Senate Banking, and the courts that define what a security is and not individual crypto exchanges selecting that.
Lawmakers, viz. Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., are reportedly planning to table relevant legislation again to establish the CFTC’s jurisdiction over digital asset commodities (viz. bitcoin).
On the said aspect, Gensler stated, I think many of the legislative vehicles would, if adopted, would undermine the securities remit.
At the House hearing, Gensler reportedly also communicated to lawmakers that regulations to govern and regulate cryptocurrencies “already exist.” “They’re called the securities regulation,” Gensler added.
