Lawyer of Blockchain Association: Gensler’s remarks or opinions are not laws, and SEC has no right to supervise any of them
According to reports, Gary Gensler, chairman of the United States Securities Commission, reiterated in a recent interview with New York magazine (NYMAG) that all encrypted assets and all transactions are subject to the United States securities law, except for Bitcoin spot transactions.
Interpretation of this information:
The message states that the chairman of the United States Securities Commission, Gary Gensler, has stated in an interview with New York Magazine that all encrypted assets and transactions are subject to US securities law, with the exception of Bitcoin spot transactions. This interpretation sheds light on an ongoing debate regarding the legal status of cryptocurrencies, with regulators arguing that they should be treated the same as securities.
Gensler’s statement reflects a growing concern among policymakers that the lack of regulation in the cryptocurrency market poses significant risks to investors, as well as the broader financial system. As a result, regulators have been working to develop a framework that provides oversight and transparency in this emerging asset class.
The statement also highlights the importance of distinguishing between different types of crypto assets. While Bitcoin is currently exempt from being classified as a security, other cryptocurrencies that have been sold through initial coin offerings (ICOs) may fall under the purview of securities law. This distinction is significant, as companies that issue ICOs must comply with a range of regulations, including registering with the SEC, providing disclosures to investors, and ensuring that their tokens meet certain standards.
Overall, Gensler’s statement underscores the need for greater clarity and consistency with regards to the regulation of cryptocurrencies. While Bitcoin is currently viewed as a commodity by the CFTC, it remains to be seen how other cryptocurrencies will be treated under US law. As the market continues to evolve, it is likely that regulators will continue to review and update their policies to reflect new developments in the industry.
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