Securities and Exchange Commission (SEC) Chairman Gary Gensler drew attention with his latest warning to the cryptocurrency sector.
Gary Gensler included the cryptocurrency sector in his speech at the Columbia Law School conference. Gensler pointed out that some actors in the sector are still operating illegally and that this reflects badly on the industry, emphasizing the need for “disinfectant.”
Gensler particularly implied that cryptocurrency companies selling “securities” continue their activities without permission:
There are participants in the cryptocurrency securities markets trying to avoid these registration requirements. No registration means no mandatory disclosure. Many people agree that cryptocurrency markets could use a little disinfecting
Following his speech, Gensler also tried to calm a long-standing chaos with his statement from the U.S. Commodity Futures Trading Commission (CFTC) during the Q&A session.
Gensler emphasized that cryptocurrencies are putting the American public at some points financially at risk, stating that they are working with the CFTC and that this problem can only be solved in this way:
If something doesn’t have a group of entrepreneurs or a group that the public can trust, CFTC will be part of that trust circle. They (CFTC) are also a great derivatives regulator, so Chairman Behnam and I talk regularly.
