- SEC Chair Gary Gensler’s view on cryptocurrency regulations remains unchanged.
- Gensler was roasted by the House Financial Services Committee for his approach toward crypto.
- SEC Chair states that crypto exchanges are noncompliant generally.
Those who have been prevalent in the cryptocurrency realm for quite some time are quite familiar with the SEC and Gary Gensler. The commission and the SEC chair have long been criticized for their backward thinking. They were also quite famous for their actions to crack down on the cryptocurrency realm.
In one of the recent testimonies, US Congressmen and other committee members roasted Gensler for his blatant approach to the cryptocurrency industry in the US. Congressman Warren Davidson even presented a bill to restructure the SEC and replace Gensler.
However, one thing that remains extremely clear is that Gensler has no plans to alter his approach to cryptocurrency regulation. Additionally, he emphasized the need for crypto platforms to comply with regulations as they are considered intermediaries.
Gensler remains sturdy in his view
Even though the SEC Chair was grilled by back-to-back questions on his regulatory actions, he remains unaltered in his cryptocurrency regulation approach. During his testimony, he stated that “We have a whole field in crypto that understands the law, and if they are providing exchange services, broker-dealer services, clearing services of crypto security tokens, they should come into compliance. They don’t have a choice.”
Gensler also continued his conversation by emphasizing that cryptocurrency exchanges are generally non-compliant. He also stressed that they needed to come into compliance. However, his statements were not received with open arms, as he was criticized by Committee Chairman Rep. Patrick McHenry.
McHenry pointed out that Gensler was punishing digital asset firms for allegedly not adhering to the law. He also added that it is when they didn’t know it would apply to them. However, Gensler was of the opinion that there is a clear regulatory framework in the US.
