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The United States Securities and Exchange Commission (SEC) Chair, Gary Gensler, accused some crypto businesses of skirting registration requirements to evade regulatory oversight.
Delivering a prepared<a href="https://www.sec.gov/news/speech/gensler-remarks-columbia-law-school-032224" rel="noopener noreferrer nofollow"> speech</a> at Columbia Law School on March 22, Gensler didn’t hold back in his condemnation of how certain crypto firms handle regulatory compliance.&nbsp;
Utilizing his closing remarks to emphasize the importance of mandatory disclosure, the SEC Chair invoked Supreme Court Justice Louis Brandeis, who famously said, “Sunlight is said to be the best of disinfectants.”
<h2 id="span-style-font-weight-400-sec-chair-remains-a-critique-of-crypto-space-span">SEC Chair Remains a Critique of Crypto Space</h2>
As reported earlier by TheCoinRise,<a href="https://thecoinrise.com/sec-chair-gary-gensler-sounds-alarm-on-bitcoin/" rel="noopener noreferrer nofollow"> Gensler voiced renewed concerns</a> about the leading cryptocurrency market as Bitcoin surged to an all-time high earlier in March. He called BTC a “highly speculative, volatile underlying asset” and urged investors to exercise caution.
<h3 id="span-style-font-weight-400-disinfectant-needed-span">‘Disinfectant’ Needed</h3>
Gensler asserted that “there still are those who would like to whittle away at the SEC’s disclosure regime,” highlighting that some entities in crypto securities markets actively seek to bypass registration requirements, effectively sidestepping mandatory disclosure obligations. He emphasized the necessity of transparency, suggesting that the crypto markets could benefit from some “disinfectant.”
These remarks come at a time when the SEC is aggressively pursuing enforcement actions against major players in the crypto sphere, including Kraken, Binance, Ripple, and Coinbase. Despite pressure from crypto companies and advocacy groups to establish clearer regulatory guidelines, the SEC seems resolute in its efforts to ensure compliance.
<h2 id="span-style-font-weight-400-sec-vs-crypto-firms-span">SEC vs. Crypto Firms</h2>
Notably, the SEC has initiated subpoenas as part of a broader campaign to<a href="https://thecoinrise.com/sec-remains-silent-on-spot-eth-etfs-analyst-weighs-in/" rel="noopener noreferrer nofollow"> potentially classify Ether (ETH) as a security</a> under its regulatory jurisdiction. This move signifies a significant step in the SEC’s approach to regulating cryptocurrencies, especially considering the recent surge in interest and investment in digital assets.
Over the past couple of years, the SEC has gradually warmed up to crypto-related financial products. Approvals for exchange-traded products tied to cryptocurrencies like Bitcoin (BTC) and Ether have been granted, signaling a degree of acceptance and recognition of these assets in traditional financial markets.&nbsp;
<h3 id="span-style-font-weight-400-regulatory-clarity-span">Regulatory Clarity</h3>
However, the regulatory landscape remains uncertain, with ongoing debates over the classification and oversight of various cryptocurrencies.
As Gensler continues to assert the SEC’s authority over the crypto industry, the debate over<a href="https://thecoinrise.com/mass-departure-cast-shadow-over-secs-crypto-regulation-efforts/" rel="noopener noreferrer nofollow"> regulatory clarity versus innovation in the United States</a> shows no signs of abating. The outcome of these regulatory battles will undoubtedly shape the future trajectory of the crypto market and its participants.
The post <a href="https://thecoinrise.com/sec-chair-seeks-to-disinfect-the-crypto-space/" rel="noopener noreferrer nofollow">SEC Chair Seeks to Disinfect the Crypto Space</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

SEC Chair Seeks to Disinfect the Crypto Space

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