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Despite the cryptocurrency industry receiving a warm welcome in many countries, the United States has taken a different stance. SEC Chair Gary Gensler has been closely scrutinizing the sector for some time now.



During a recent House Financial Services Committee hearing today, Gensler <a href="https://twitter.com/YahooFinance/status/1648332554477645825" rel="nofollow noopener" target="_blank">addressed</a> his concerns about the world of cryptocurrency.



<h2 id="gensler-highlights-crypto-8217-s-non-compliance-with-securities-laws">Gensler highlights crypto&#8217;s non-compliance with securities laws</h2>



During the committee hearing, SEC Chair Gary Gensler faced numerous questions about the cryptocurrency industry. In his testimony, Gensler stated, &#8220;I&#8217;ve been in and around finance for 40 years, and I&#8217;ve never seen a field that is so non-compliant with securities laws.&#8221;



When discussing the classification of cryptocurrencies as securities, Gensler asserted that any exchange facilitating the trading of such tokens should register as a national securities exchange.



Committee Chairman Patrick McHenry questioned Gensler about the 2022 FTX collapse investigation and sought his opinion on whether Ethereum is a security or a commodity. Additionally, McHenry inquired if Gensler believes there is a lack of regulatory clarity in cryptocurrency.

SEC Chair expresses concerns over the crypto industry in committee hearing

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