US Securities and Exchange Commission (SEC) Chairman Gary Gensler said the agency is working with cryptocurrency exchanges to develop rules that will protect investors’ rights.
During the interview, Gary Gensler said that the SEC is now working closely with cryptocurrency exchanges to develop regulation that will not interfere with the operation of trading platforms and the development of the industry.
“We are trying to work with various cryptocurrency platforms, exchanges and lending platforms to understand how we can change the rules to ensure investor protection,” he said.
According to Gensler, many cryptocurrency exchanges provide access to unregistered securities. He believes crypto companies should take the lead in liaising with the SEC to ensure regulatory compliance.
“If you have 75, 100, or sometimes 5,000 tokens on the platform, chances are good that some of them, maybe many, are securities. It all comes down to this: are you collecting money from the public and is the public expecting a profit?”
In early February, Gary Gensler said that, if necessary, the agency is ready for “strong measures” to protect investors. Earlier, Gensler expressed concern about the reluctance of cryptocurrency exchanges to cooperate with regulators.
In addition, information appeared in January that the SEC had stepped up pressure on Celsius Network, Voyager Digital Ltd. and Gemini Trust Co. According to experts, there is a possibility that the Commission may equate loan offers of cryptocurrency companies to securities.
Source: Bits
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