WASHINGTON–Securities & Exchange Commission Chairman Gary Gensler said he plans to work with Congress to help create legislation that increases oversight of crypto and stablecoins, an announcement that has met with pushback from the industry.
Gensler doubled down on the need for regulation, saying crypto startups wouldn’t prosper without it. “Detroit would not have taken off without some traffic lights and cops on the beat,” he stated.
Gensler’s comments to a conference audience immediately drew protests from the crypto community, which sees great potential in digital currencies precisely because they are decentralized.
“Crypto is a novel & unique technology: how it should be regulated is a major question for Congress (not the SEC Chair) to decide,” tweeted Jake Chervinsky, the head of policy at the Blockchain Association.
‘Vast Majority are Securities’
After outlining the history of the SEC, Gensler said, “Nothing about the crypto markets is incompatible with the securities laws. Investor protection is just as relevant, regardless of underlying technologies…Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities. Offers and sales of these thousands of crypto security tokens are covered under the securities laws….In general, the investing public is buying or selling crypto security tokens because they’re expecting profits derived from the efforts of others in a common enterprise.”
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