Chair

Gary

Grayscale Bitcoin Trust

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 <p class="p1"><span class="s1">US Securities and Exchange Commission (SEC) Chair Gary Gensler shows no signs of softening his stance toward the crypto industry, saying in written testimony ahead of a Senate Banking Committee hearing today that the industry has “wide-raging non-compliance” issues and that most tokens are securities.</span></p> 
 <p><span class="s1">“Given this industry’s wide-ranging noncompliance with the securities laws, it’s not surprising that we’ve seen many problems in these markets,” his written testimony said. “We’ve seen this story before. It’s reminiscent of what we had in the 1920s before the federal securities laws were put in place.”</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Just In ⚡SEC’s Gensler accuses crypto industry of ‘wide-ranging non-compliance’.#bitcoin#Crypto#cryptocurrency#cryptocurrencies </p> 
  <p>Follow @LIGHTCRYPT01 • Your Daily Source of News &amp; Insights ⚡ pic.twitter.com/s1NW0wWbWa</p> 
  <p>— LIGHT ┃ NEWS (@LIGHTCRYPT01) September 12, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>He added that the vast majority of <span class="s1">crypto tokens are subject to U.S. securities laws and that almost all cryptocurrencies are securities because they fufill the Howey test, a legal standard that determines whether an asset or transaction qualifies as an “investment contract” subject to U.S. securities laws.</span></p> 
 <p class="p1"><span class="s1">“As I’ve previously said, without prejudging any one token, the vast majority of crypto tokens likely meet the investment contract test,” he said in his remarks, released on Monday evening US time. </span><span class="s1">“Given that most crypto tokens are subject to the securities laws, it follows that most crypto intermediaries have to comply with securities laws as well.”</span></p> 
 <p><span class="s1">The remarks suggest Gensler is unbowed by legal setbacks over the past two months that triggered market criticism of his regulation-by-enforcement strategy.&nbsp;</span></p> 
 <p class="p1"><span class="s1">The regulator suffered a partial loss to Ripple Labs in July, when it was ruled that the XRP is not a token when sold to to the public.&nbsp;</span><span class="s1">It received a more chastening defeat to Grayscale in August, when a judge called its decision not to allow the conversion of Grayscale Bitcoin Trust into a spot Bitcoin ETF ”arbitrary and capricious.” </span></p> 
 <p class="p1"><span class="s1">Still, the Ripple ruling was subsequently disputed by a judge hearing another case, and the SEC has indicated it believes an appeal&nbsp;is needed.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">🚨 As #Bitcoin tries to maintain a price above $25,000, Gary Gensler will return to the US Senate today, September 12, despite market criticism.</p> 
  <p>Potential topics:<br>– #Ripple $XRP ruling<br>– Grayscale dispute<br>– Current stance on Crypto regulations https://t.co/86nOVoJSVo pic.twitter.com/xLQ82SUfNF</p> 
  <p>— CryptoBusy (@CryptoBusy) September 12, 2023</p> 
 </blockquote> 
 <p></p> 
 <h3 id="gensler-crypto-rife-with-fraud-and-hucksters">Gensler: Crypto ‘Rife With Fraud’ And ‘Hucksters’</h3> 
 <p class="p1"><span class="s1">The securities watchdog chair, who calls crypto an industry ”rife with fraud” and ”hucksters,” says his aim is out to protect both crypto issuers and investors.&nbsp;</span></p> 
 <p class="p1"><span class="s1">At today’s hearing, Gensler is expected to provide further insights into the legal cases and also on two of the regulator’s rules that affect the firms in the crypto industry: a proposal on custody, and another one on redefining exchange definitions to formally incorporate crypto platforms.</span></p> 
 <p class="p1"><span class="s1">As the crypto community eagerly awaits the SEC’s high-profile cases against Coinbase and Binance, which are cases that the Chair may not talk about, the agency is being accused of a witch hunt and an overreach of its mandate. </span><span class="s6">&nbsp;</span><span class="s1">Congressman Tom Emmer aim to limit the SEC’s oversight of the crypto industry.</span></p> 
 <h3 class="p6" id="span-class-s5-related-news-span"><span class="s5">Related News</span></h3> 
 <ul> 
  <li><span class="s8"><span class="s9">Ripple’s Top Lawyer Slams SEC For ‘Hypocritical’ Appeal</span></span></li> 
  <li><span class="s8"><span class="s9">US Senator Says “Terrible Environment” Is Driving Crypto Firms Out Of The US</span></span></li> 
  <li><span class="s10"><span class="s11">Ark 21Shares Joins Spot Ether ETF Race as Crypto Industry Ramps Up Pressure on SEC After Grayscale’s Legal Win</span></span></li> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sec-chair-gary-gensler-slams-crypto-industry-ahead-of-senate-hearing-today-says-most-crypto-tokens-are-securities-tbt62421.html">https://thebittimes.com/sec-chair-gary-gensler-slams-crypto-industry-ahead-of-senate-hearing-today-says-most-crypto-tokens-are-securities-tbt62421.html</a></p>

SEC Chair Gary Gensler Slams Crypto Industry Ahead Of Senate Hearing Today, Says Most Crypto Tokens Are Securities

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