Cryptocurrency

Chair

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/sec-chair-addresses-questions-on-cryptocurrency-regulation/" data-wpel-link="internal">SEC Chair Addresses Questions on Cryptocurrency Regulation</a> 
Cryptocurrency continues to experience turbulent times. The U.S. Department of Justice has filed charges against 18 individuals and companies for manipulation. Bitfinex is set to receive billions in refunds, and the Federal Reserve’s minutes indicate cautious easing signals. Today, we can examine the dizzying developments from the last few hours, particularly the questions directed at <a href="https://en.coin-turk.com/optimistic-insights-from-k33-researchs-crypto-report/" data-wpel-link="internal">SEC</a> Chair Gensler. 
<h2 style="text-align: justify" id="sec-chair-and-cryptocurrency-inquiry">SEC Chair and Cryptocurrency Inquiry</h2> 
On October 9, the SEC Chair met with law students. During a discussion at New York University’s Institute for Corporate Governance and Finance with former SEC Democratic Commissioner Robert Jackson Jr., Gensler faced several questions. One of the most pressing inquiries involved rules that have remained in effect for over 80 years, seeking to encompass <a href="https://en.coin-turk.com/bitcoin-price-drops-below-28800-latest-update-on-the-crypto-market/" data-wpel-link="internal">cryptocurrency</a>. 
<img decoding="async" class="wp-image-395843 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/10/sec.jpg" alt="" width="1039" height="346"> 
The SEC refers to the 1946 U.S. Supreme Court decision, known as the Howey test, to determine whether an asset constitutes an investment contract or security. Gensler was asked: 
<blockquote> 
 “Should we be trying to regulate cryptocurrency by applying a Supreme Court decision from the 1940s?” 
</blockquote> 
Gensler responded: 
<blockquote> 
 “This is the law of our country, and I swore to do this, but it also protects investors. At the core of securities laws is a fundamental principle – you all decide what you want to invest in.” 
</blockquote> 
<h2 style="text-align: justify" id="cryptocurrency-stars-in-jail">Cryptocurrency Stars in Jail</h2> 
For years, Gensler and his team have urged <a href="https://coin-turk.com/fironun-yukselmesi-binancein-ag-guncellemesine-destegi" data-wpel-link="internal">cryptocurrency</a> companies to register with the agency. However, companies struggle to navigate this process due to a lack of guidance. The SEC requests that they hire lawyers, but the attorneys also face uncertainty regarding the process. There’s no clear regulatory framework for cryptocurrency companies, and the only way to comply with the laws seems to be to avoid conducting cryptocurrency business altogether. 
The SEC Chair responded to all these criticisms: 
<blockquote> 
 “I sincerely say that many of the prominent figures in this field from 2022 are either in jail or waiting to be extradited. Disliking the law doesn’t mean there is no law. It’s unlikely for these things to be a currency. They must demonstrate their value through utility and usage.” 
</blockquote> 
The post <a href="https://en.coin-turk.com/sec-chair-addresses-questions-on-cryptocurrency-regulation/" data-wpel-link="internal">SEC Chair Addresses Questions on Cryptocurrency Regulation</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

SEC Chair Addresses Questions on Cryptocurrency Regulation

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