SEC Chairman Gary Gensler Calls for Compliance in the Cryptocurrency Market
According to reports, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), said that since ancient times, the financial world has been based
According to reports, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), said that since ancient times, the financial world has been based on trust and the rule of law. In addition, from banks to stock exchanges, finance has tended to be centralized and interconnected. The encryption market is no exception. First of all, intermediaries and tokens should comply appropriately by themselves. The business structure of cryptocurrency intermediaries should comply with our laws governing stock exchanges, broker-dealers and clearinghouses; They can develop rulebooks to prevent fraud and manipulation. The cryptocurrency security issuer shall submit a registration statement and make necessary disclosure.
Chairman of the SEC of the United States: Let cryptocurrency companies work within the scope of the law
Analysis based on this information:
In a recent statement, Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), emphasized that the financial world has relied on trust and adherence to the law since ancient times. He noted that finance has typically operated in a centralized and interconnected manner, and that the cryptocurrency market is no exception. Gensler explained that intermediaries and tokens in the cryptocurrency market must comply with applicable laws and regulations.
Gensler suggested that cryptocurrency intermediaries should adhere to the same laws that govern stock exchanges, broker-dealers, and clearinghouses. These laws aim to prevent fraud and manipulation in financial markets. The cryptocurrency industry should develop rulebooks that align with these laws, in order to further protect investors.
Furthermore, Gensler insisted that cryptocurrency issuers must submit registration statements and provide necessary disclosures, just as with any other security. This requirement would provide transparency and accountability to investors.
Gensler’s statement seems to reflect the SEC’s growing concerns regarding the cryptocurrency market. In recent years, the market has experienced significant growth but has also been plagued by a lack of regulation and oversight. There have been several high-profile cases of fraud and manipulation, highlighting the need for stricter controls.
Gensler’s message also suggests that the SEC may be ramping up its efforts to regulate the cryptocurrency market. The SEC has already taken action against several companies that have launched initial coin offerings (ICOs) without registering them as securities. It is possible that further regulatory action and enforcement may be on the horizon.
In conclusion, Gensler’s statement underscores the importance of compliance and regulation in the cryptocurrency market. It highlights the need for intermediaries, tokens, and issuers to adhere to laws and regulations that promote transparency and protect investors from fraud and manipulation.
Keywords:
– Cryptocurrency: The digital currency market that has experienced rapid growth in recent years.
– Compliance: The need for intermediaries, tokens, and issuers to adhere to laws and regulations governing financial markets.
– Fraud and Manipulation: The SEC’s concerns regarding the cryptocurrency market, which has been plagued by instances of fraud and manipulation.
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