Chairman of the SEC: Except for Bitcoin, almost all types of encrypted transactions have been under the jurisdiction of the SEC

According to reports, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), said in an interview with New York Magazine in February that everything except Bitcoin is actually a securities transaction within the jurisdiction of the SEC, and almost all types of encryption transactions are already within the jurisdiction of the SEC. （New York Magazine）

Interpretation of this information:

Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), recently made a statement during an interview with New York Magazine stating that almost all types of encrypted transactions fall under the SEC’s jurisdiction, with the exception of Bitcoin. Essentially, Gensler is saying that all assets and securities that are traded using encryption technologies are under the control of the SEC. This means that the SEC has the legal right to oversee, regulate, and enforce laws relating to these types of transactions.

The use of encryption technologies in the trading of securities is growing rapidly. This includes encryption technologies such as blockchain, which is widely used in the trading of cryptocurrencies such as Bitcoin. While Bitcoin is excluded from the SEC’s jurisdiction, other cryptocurrencies that are traded using encryption technologies are not exempt. This is why Gensler is emphasizing that almost all forms of encrypted transactions are under the SEC’s regulatory authority.

One reason why the SEC has taken a keen interest in these types of transactions is to ensure investor protection. These transactions can be very complicated and require a high level of knowledge and expertise, which some investors may lack. Therefore, the SEC has been working to develop rules and regulations to protect investors from fraud and other illegal activities that may occur within these transactions.

In addition to securities and assets, the SEC also has the power to regulate Initial Coin Offerings (ICOs). ICOs have become a popular method for companies to raise funds, but they have also come under scrutiny for potential fraud and scams. By regulating ICOs, the SEC can help to ensure that these transactions are conducted legally and that investors are protected.

In summary, Gary Gensler’s statement to New York Magazine clarifies the position of the SEC regarding encrypted transactions. Essentially, the SEC has the authority to oversee, regulate, and enforce laws relating to almost all types of encrypted transactions except for Bitcoin. The key takeaway from Gensler’s statement is that investor protection is the primary motivation behind the SEC’s regulatory efforts in these areas.