Gary

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
During a recent&nbsp;<a href="https://www.cnbc.com/video/2024/05/07/sec-chair-gensler-on-crypto-regulation-right-now-investors-arent-getting-the-required-disclosures.html">appearance</a> on CNBC, Gary Gensler, the chairman of the US Securities and Exchange Commission, stressed that many assets are securities under the law.&nbsp;
"Many of these tokens are securities under the law of the land (as interpreted by the US Supreme Court). So, we follow that law," he stressed.&nbsp;
The SEC boss went on to say that the investors are not getting the required disclosures about those assets.&nbsp;
Gensler described crypto as a "small piece" of the global markets. At the same time, he says that it is an "outsized piece" of "scams and frauds."&nbsp;
"Much of this field is non-compliant with the protections of our securities laws," Gensler stressed.&nbsp;&nbsp;
While addressing Robinhood Markets's Wells notice from the SEC, Gensler stressed that the agency has "a really important responsibility" as the cop on the beat in order to make sure that investors who buy securities get proper disclosures and protections.&nbsp;
The SEC has been harshly <a href="https://digitalchamber.org/the-digital-chamber-condemns-secs-latest-regulatory-overreach-following-wells-notice-to-robinhood-crypto/">criticized</a> by the Chamber of Digital Commerce for targeting Robinhood's crypto business, slamming its recent move as an "unchecked regulatory overreach." &nbsp; &nbsp;
Apart from Robinhood, the SEC is currently engaged in legal battles with a slew of other industry heavyweights, including Coinbase and Ripple. &nbsp; &nbsp;
Ethereum backer Consensys recently turned the tables on the SEC by suing the agency over its intention to classify Ether as a security. During the interview, Gensler once again dodged a question about the legal status of the second-largest cryptocurrency. &nbsp;

SEC's Gensler: Many Cryptocurrencies Are Securities

U_Today

Other articles published on May 7, 2024

Lawmakers Criticize Gary Gensler Amid Robinhood Wells Notice, Coinbase Extends Support

Ethereum Price Dips as SEC Postpones Invesco Galaxy ETF Decision

Pepe Price Prediction: PEPE Drops 5% As Experts Say This Multi-Chain Dogecoin Derivative Could Be...

Shiba Inu (SHIB) & Avalanche (AVAX) Prices Surge as BlockDAG Expands Crypto Deposits Amid $23.6M ...

Crypto must adapt to laws, not the other way around — John Reed Stark

Starknet Foundation launches $5M grants program

Join our free newsletter for daily crypto updates!