cryptocurrencies Bustling hours continue for . The US Department of Justice filed a lawsuit against 18 individuals and companies on charges of manipulation. Bitfinex exchange will receive billions of dollars in refunds and there are warnings of cautious easing in the Fed minutes. Taking a short break from the dizzying agenda of the last few hours, we can take a look at the questions posed to SEC Chairman Gensler today.
SEC Chairman and Crypto Inquiry
October 9 day SEC Its president met with law students. Gensler was fielded questions in a conversation with former SEC Democratic Commissioner Robert Jackson Jr. at New York University’s Law Institute on Corporate Governance and Finance. The most crucial of these is the one that has been in force for more than 80 years. crypto These were the rules that wanted it to be included as well.
The SEC uses the Howey test in a 1946 US Supreme Court case decision to determine whether an asset is an investment contract or a security. Gensler was asked;
“Should we police crypto by trying to apply a Supreme Court decision from the 1940s?”
Gensler responded as follows;
“This thing is the law of our land and I took an oath to do it, but it also protects investors. “There is a fundamental concept at the core of securities laws – you all decide what you want to invest in.”
Crypto Stars Are in Jail
Gensler and his team have been urging cryptocurrency companies to come and register with the institution for years. However, companies do not know how to do this because the necessary guidance is not provided. In this case, the SEC wants them to hire a lawyer, but the lawyers do not know what process to follow. Because there is no clear regulatory framework for cryptocurrency companies, and the only way to comply with the rules is to not do crypto business.
SEC Chairman responded to all these criticisms as follows;
“I say this with all my sincerity, the leading names in this field in 2022 are currently either in prison or waiting to be extradited. Just because people don’t like the law doesn’t mean there is no law. These things are unlikely to be a currency. “It will need to demonstrate its value (benefit production) through disclosure and use.”
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
